Ethereum and Solana Set for Bullish 2024, Report Predicts

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Ethereum and Solana: Forecasts for 2024

The year 2024 could be a bullish year for Ethereum and Solana, according to a report by CoinGecko. Ethereum and Solana increased by more than 90% and 917% respectively in 2023. The price charts and metrics of both tokens look promising for 2024.

Review of 2023

The year 2023 could be called a comeback year for the crypto industry as almost all coins were able to regain ground in the past year. In particular, Bitcoin rose exponentially, while altcoins like Ethereum and Solana also looked promising.

A report by CoinGecko highlighted how the crypto market has risen in the past year. Ethereum, the king of altcoins, ended the year 2023 at $2,294, representing a gain of more than 90.5% for the year. Interestingly, there were no significant price changes in April after the Shanghai upgrade took effect, enabling the withdrawal of staked Ethereum.

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CoinGecko also pointed out that Solana rose by 917.3% in 2023, from $10.0 to $101.3. The average daily trading volume also increased in 2023, from an average of $827.0 million in Q1 to $2.0 billion in Q4.

Altcoin Summer in 2024?

While the year 2023 was more of a recovery, 2024 could be different as altcoins may start bull rallies. Bobby Ong, co-founder and COO of CoinGecko, predicted: “In 2024, the projects that were built during the bear market have strengthened the crypto tech stack and launched new apps, and we are excited to see what the next developments will be.”

To better understand what to expect from top altcoins like ETH and SOL, AMBCrypto reviewed their metrics. Data from CoinMarketCap showed that ETH has risen by nearly 7% in the last seven days. It is currently trading at $2,546.84 with a market capitalization of over $306 billion.

Ethereum and Solana: Price Forecasts

Like Ethereum, Solana’s price chart was also green. The value of the token increased by nearly 5% in the last 24 hours alone. It is currently trading at $101.57 with a market capitalization of over $43 billion.

To see if the upward trend would continue, we looked at SOL’s daily chart. SOL’s MACD showed the possibility of a bullish crossover soon. Both its Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) showed upward trends, suggesting that the chances for a sustained price increase are high.

Source: AMBCrypto, CoinGecko, CoinMarketCap

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