SOL - This Crypto Soared in 2023. Will It Continue to Shine in 2024?
2024-03-26 07:30:00 ET
In 2023, Solana (CRYPTO: SOL) was one of the top-performing cryptocurrencies, surging by more than 900%, easily outpacing the 150% rise of Bitcoin (CRYPTO: BTC) . There were even suggestions that Solana was on a path to overtake Ethereum (CRYPTO: ETH) as the world's second-most valuable cryptocurrency.
But the narrative has shifted this year. Yes, Solana is still up 80% year to date, but there are serious questions being asked about its current valuation. With that in mind, here's a closer look at two key factors that could determine Solana's price trajectory during the next nine months.
The primary factor pushing Solana higher right now is meme coin mania. The poster dog for this craze is Bonk (CRYPTO: BONK) , which soared more than 1,000% in the span of less than 30 days last year. But there are plenty of other cryptos that have had similarly impressive returns, including another meme token with the logo of a dog wearing a hat that is up 1,300% this year.
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This Crypto Soared in 2023. Will It Continue to Shine in 2024?