Indicators suggest that Solana (SOL) could climb to $334 in the near future. Over the past week, SOL has maintained a relatively stable price around $167.12. Despite recent stagnation, the cryptocurrency has experienced a YTD increase of 52.63%, although this growth is lower compared to its performance in 2023.

Solana enthusiasts are optimistic, projecting a potential price target of $500 by the end of the current market cycle. Expectations were high for SOL to surpass its previous peak of $260 by Q1 2024; however, it peaked at $210 in March.

On-chain analysis reveals a strong correlation between SOL and Bitcoin (BTC) with a coefficient of 0.83, indicating synchronized price movements. In contrast, SOL's correlation with Ethereum (ETH) is only 0.10, suggesting more independent price dynamics. Achieving higher price levels for SOL may depend on BTC reaching new highs.

Furthermore, social dominance plays a significant role. SOL's current social dominance of 4.938% is lower than in March, signaling decreased public attention compared to other major cryptocurrencies. Historically, low social dominance has often signaled a good buying opportunity due to lower demand.

The Open Interest (OI) for SOL has decreased to $807.25 million, reflecting reduced market liquidity. However, a surge in OI above $2 billion could potentially double SOL's price to $334.