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Solana In 2024: Roadmap And Key Price Targets For This Year
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Solana In 2024: Roadmap And Key Price Targets For This Year

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Solana price outage

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The Solana Foundation has unveiled a roadmap for 2024, focusing on innovation, developer engagement and network scalability. “2024 is the year of Solana,” the foundation proclaimed, focusing on the key milestones achieved and strategic goals for the year in the statement.

The “Solana Foundation’s State of Developer Ecosystem Report” highlights a surge in developer activity, with over “2,500 active developers committing to open source repositories” and an impressive increase in developer retention, rising “from 31% to over 50% throughout the previous year.”

The report further elucidated the evolution of Solana’s infrastructure, which in 2023 saw a leap in maturity with the deployment of “program frameworks for Rust, Python, and more,” as well as “SDKs available for 10 languages, laying a solid foundation for diverse dApp development.” Solana Labs’ innovative GameShift API has been a game-changer, a piece of “app-specific tooling” designed to revolutionize the gaming space on Solana’s blockchain.

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On-chain data provided by Messari reinforces the network’s growth narrative, citing “a 65% quarter-over-quarter increase in daily average non-voting transactions, reaching 40.7 million, and a remarkable 102% quarter-over-quarter rise in average daily fee payers, amounting to 190,000.”

The roadmap also unveils forthcoming advancements poised to redefine blockchain capabilities. First, Solana aims to introduce “token extensions to empower more complex and multifaceted tokenomics.”

Second, a focus in 2024, will be on the launch of Firedancer, a new independent validator client for the Solana blockchain, built by Jump Crypto. It aims to support a higher number of concurrent transactions, increase network throughput, resilience, and efficiency, and address historical weaknesses in Solana’s peer-to-peer interface. Notably, Firedancer went live on the testnet in October 2023.

A third focus in the 2024 roadmap will be the development of Runtime v2 by Solana Labs, which aims to “significantly enhance the network’s performance and developer experience.”

This runtime is a concurrent transaction processor, handling transactions with specified data dependencies and explicit dynamic memory allocation. It introduces changes coordinated by epochs, influencing the cluster’s behavior. Moreover, Solana Core announced support for the Move programming language as a major modification in Runtime v2.

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The Solana Foundation’s message via X echoes a commitment to innovation and community engagement: “The strength of the Solana ecosystem is amplified by our passionate community. With the community’s unwavering support, we are ready to accelerate into 2024 and solidify Solana’s position as the premier platform for blockchain development. It’s time to accelerate. Let’s keep building & make 2024 the year of Solana.”

Solana Price Prediction 2024: A Technical Analysis

A technical analysis of the Solana price action in the weekly chart (SOL/USD) offers predictions for 2024. Since mid-November, SOL’s price movement has been encapsulated within a parallel uptrend channel, indicative of a stable and consistent upward trajectory. The parallel lines representing support and resistance have guided the price action, providing clear levels for potential buy and sell points.

The Fibonacci retracement tool, applied from the swing high of around $262 to the swing low of $7.93, unveils key levels that may act as barriers or support in the future.

  • 0.236 at $69.59: A retracement level that previously acted as resistance and has turned into support.
  • 0.382 at $107.74: This level has been tested and is the next major price target of a weekly close.
  • 0.5 at $138.57: From 2021 till early 2022, this price level acted as strong support, but was turned into resistance in April 2022.
  • 0.618 at $169.41: Often considered the ‘golden ratio,’ this level is crucial for assessing trend continuation.
  • 0.786 at $213.30: Breaching this level could signal strong bullish momentum.
  • 1 at $269.22: As soon as SOL reaches its all-time high, the price discovery phase begins.
Solana price
SOL price trades below the 0.382 Fib, 1-day chart | Source: SOLUSD on TradingView.com

Extended Fibonacci levels, such as 1.618 at $430.69 and 2.618 at $691.98, offer aspirational targets should the uptrend persist. The latter would be an ultra-bullish price target.

The Exponential Moving Averages (EMA) for the 20, 50, 100, and 200 periods all lie below the current price, confirming the strength of the uptrend. A ‘golden cross’ is evident in mid-December with the 50-EMA crossing above the 100-EMA, traditionally a bullish signal.

The trading volume shows a constructive pattern, with higher volume seen on upswings, a positive sign for continued interest in SOL. The Relative Strength Index (RSI) is positioned around 60, suggesting that while the momentum is upward, there is still room for growth before reaching overbought conditions.

The technical analysis, grounded in the weekly chart’s display of a parallel uptrend channel, robust Fibonacci levels, supportive moving averages, and healthy volume and RSI readings, paints a very optimistic price outlook for Solana in 2024.

Featured image from Shutterstock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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