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Solana Mobile Part-2 Packs a Crypto Surprise

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Solana Mobile, a division of Solana Labs, is gearing up for the release of its second smartphone following the success of its debut device, the Saga. The new phone is set to retain key features such as a built-in crypto wallet, custom Android software, and a dedicated decentralized app store. However, in a strategic move to enhance accessibility, this upcoming model will be priced more affordably compared to the initial $1,000 cost of the first generation. With cool features like a crypto wallet and custom Android software, the new smartphone aims to cater to a broader market.

The original Saga faced challenges in its initial sales, prompting price reductions to stimulate demand. The forthcoming model aims to tap into the secondary market where Saga phones are being resold at significantly higher prices due to limited supply and the inclusion of BONK tokens covering the device’s cost. The success of the Saga has not only fueled demand but also generated interest among SOL developers, who are now looking to create mobile applications compatible with the blockchain.

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Solana Mobile Part-2 Packs a Crypto Surprise 2

Solana Mobile unveiled Saga, its flagship Android phone, in June 2022, accompanied by the Solana Mobile Stack, an Android framework facilitating the development of advanced mobile experiences for blockchain-based wallets and apps. Anatoly Yakovenko, co-founder and CEO of Solana Labs, expressed his long-standing vision of improving Web3 accessibility and functionality on mobile platforms, stemming from his background as a Qualcomm engineer.

Ethereum vs. Solana: Meme Coin Battle Heats Up

Despite the dip in sales in August, Solana Saga concluded 2023 with remarkable success, experiencing a tenfold increase in sales. The price was initially reduced from $999 to $599 due to declining sales. However, considering the surge in popularity of the Solana meme coin, Bonk Inu [BONK], which witnessed a staggering 1,100% surge in the last 30 days, the demand for the Saga mobile rose concurrently, prompting co-founder Anatoly Yakavenko to propose a price hike.

Meanwhile, the growing sentiment around the SOL network as a potential alternative to Ethereum for minting and trading meme coins is fueled by recent on-chain activity, creating a buzz around SOL blockchain technology.

Solana’s Resilience: Bouncing Back To $100

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Solana experienced a dip below $90, but it managed to recover early this week, surging back into the $100 range on January 11. As of the current writing, SOL has seen a 7% increase in the daily index, trading at $104. The recent approval of the Bitcoin spot ETF has infused positive market sentiment, fueling hopes for a potential Solana price rally in the coming weeks.

However, Changelly’s forecast suggests a 5.08% decrease in SOL’s price, projecting a low point around January 12, 2024. Analyzing technical indicators, the token exhibits an 86% bullish market sentiment, while the Fear & Greed Index registers a score of 73, indicating a greedy market.

A look into the past 30-day trend shows that Solana has observed 15 green days out of 30 [50% success rate] with a price volatility of 16.68%. In the last 7 days, SOL has displayed a positive upward trend, posting a 3.42% increase. The strong potential shown by the leading altcoin recently presents an enticing investment opportunity.

Over the preceding month, SOL’s price has surged by an impressive 38%, adding an average of $35.8 to its current value. This rapid growth positions the coin as a robust asset, provided the upward trajectory continues.

Capitalizing on Solana’s blockchain, the meme coin Bonk [BONK] has experienced a notable 30% surge, trading at approximately $0.00001315 at the time of reporting. Bonk’s market cap reached $800 million, accompanied by a substantial 160% increase in daily trade volume over the past 24 hours.

Solana Saga Phones: Update

This surge comes after Bonk underwent substantial sell-offs, plummeting by over 70% from its all-time high on December 15, 2023. Notably, Bonk has since outperformed other meme coins like Dogecoin [DOGE], Shiba Inu [SHIB], and Pepe Coin [PEPE], which recorded gains ranging from 5% to 11%.

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Solana's Resilience: Bouncing Back To $100 4

Meme coins have become integral to Solana’s transaction volume, influencing trading activities for over a month. The token’s recent rise in value coincided with another update. More than 14,000 Solana Saga phones have been activated, as reported in the latest tweet from SolanaFloor on January 11, 2024. The Solana Saga, developed in collaboration with smartphone manufacturer Osom, is described as a premium hardware experience and a flagship-quality Android device designed specifically for crypto purposes.

Solana Meme Coins Experience An 80% Price Plunge Following December Frenzy

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The Solana ecosystem witnessed a surge in December as bonk tokens embarked on a multi-week rally, surpassing 1,000% gains and securing listings on major exchanges such as Binance and Coinbase.

However, the fervent demand for meme coins built on the Solana network appears to have waned in the past week. Newer tokens struggled to establish a substantial community, and the prices of recent favorites continued to plummet.

The dog-themed token bonk (BONK), which had seen a remarkable 1,000% surge over three months, is now down over 70% from its December peak, despite being listed on prominent exchanges.

Dogwifhat, known for featuring a dog wearing a hat, has experienced an almost 80% decline after generating excitement by providing early holders with a return of over 10,000% on their capital.

Solana Dominates As Other Tokens Struggle To Recover

Other less-known tokens like popcat (POPCAT) and chipi (CHIPI), both cat-themed, have witnessed drops of over 90% since reaching their all-time highs. Despite this, their communities remain hopeful for a potential revival.

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The Solana ecosystem, which had flourished in December with the rise of bonk tokens, saw increased activity on the network. The prices of Solana’s Saga phone soared to over $5,000, and SOL’s market capitalization quickly surpassed that of other major tokens.

Last week’s metrics revealed that Solana became the top choice among on-chain traders, surpassing Ethereum in trading volumes and network fees on a seven-day rolling basis.

The blockchain garnered attention for its fast transactions, low fees, and a flurry of meme coin launches, propelling SOL token prices from $38 at the start of November to nearly $120 in early December.

As valuations became increasingly volatile towards the end of December, profit-taking ensued, and newer launches struggled to gain traction. Capital seemed to shift towards opportunities on other blockchains, marking a shift in the crypto landscape.

Crypto Airdrop Bonanza: $26.6B Tokens Distributed In Top 50

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A new report by CoinGecko has shed light on the biggest crypto airdrops, revealing that the top 50 airdrops have collectively distributed an impressive $26.6 billion worth of tokens based on their all-time high valuations. The study, spanning from 2020 to 2023, meticulously analyzed the airdrop landscape, presenting intriguing insights into this unique aspect of the crypto space.

The undisputed champion of crypto airdrops is Uniswap (UNI), which distributed a staggering $6.43 billion worth of $UNI on September 16, 2020. Uniswap’s airdrop, aligned with the DeFi Summer frenzy, reignited interest in a model first introduced in 2014 with Auroracoin. Apecoin (APE) secured the second spot, doling out $3.54 billion worth of $APE on March 17, 2022, with recipients having the potential to snag a free Bored Ape Yacht Club NFT. 

dYdX (DYDX) claimed the third position, distributing $2.00 billion worth of $DYDX on September 8, 2021, with the caveat of a gradual release over five years. Together, Uniswap, Apecoin, and dYdX constitute a significant 45.1% of the top 50 airdrops, amounting to $11.99 billion. The remaining airdrops in the top 50 vary from $0.05 billion to $1.97 billion.

Crypto Airdrop Chronology: Trends Over The Years

Examining the temporal dimension, 2021 witnessed a surge in major airdrops, with 18 out of the top 50 occurring, compared to a mere five in 2020. However, 2022 and 2023 experienced a decline, attributed to the crypto winter bear market, with 14 and 13 airdrops making the cut, respectively.

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The total value of airdrops, measured at their all-time high prices, exhibited a modest increase from $7.28 billion in 2020 to $7.46 billion in 2022. Noteworthy is the emergence of Bonk (BONK) in late 2022, swiftly securing a top 10 spot with an ATH of $0.000025 in December 2023.

Zooming in on 2023, 13 airdrops made it to the top 50, with a total value of $4.56 billion at their all-time high. Arbitrum (ARB) seized the limelight as the largest airdrop in 2023, distributing $1.97 billion worth of $ARB on March 23, 2023. Celestia (TIA) and Blur’s first airdrop claimed the second and third positions, contributing to 69.9% of the total airdrops in 2023.

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Ranking the top 20 crypto airdrops, valued at the token all-time high prices as of December 21, 2023:

Nevertheless, these airdrop dynamics offer a glimpse into the innovative strategies employed by projects to engage and reward their communities, making crypto enthusiasts eagerly anticipate the next groundbreaking distribution event.

Related Reading | Polkadot (DOT) Sets New Record For Daily Transactions, Surpassing 1 Million

Crypto Market Recap: Bitcoin & ETH Face Decline as Altcoins Shine Bright

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Bitcoin (BTC) and Ethereum (ETH) faced a significant decline, wiping out their gains from the past week. Despite this downturn, several lower-cap altcoins and meme-coins managed to shine, making notable gains and holding onto their weekly profits.

Last week, the crypto market witnessed its fastest drop in four months, causing mild concerns among traders. Calls to “buy the dip” were prevalent, suggesting a level of overeagerness and fear of missing out (FOMO) at these reduced prices.

Amidst the market correction, some altcoins and meme-coins within the top 60 cryptocurrencies list stood out, with Bonk (BONK) leading the pack. Internet Computer (ICP) and Helium (HNT) followed closely, securing second and third positions with impressive growth.

Bonk (BONK) marked a substantial achievement, surging by an impressive 90% over the past week, reaching a peak of $0.00003450. As of the latest data, Bonk is trading at $0.00002118, demonstrating resilience with a 1.80% increase in the last 24 hours.

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Bonk (BONK) 7-day chart | Source: CoinMarketcap

Internet Computer (ICP) also made waves, boasting an 84% gain during the past week. However, ICP is currently trading at $9.87, showing a 3.46% decrease in price and a 29.40% decrease in trading volume in the last 24 hours.

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Internet Computer (ICP) 7-day chart | Source: CoinMarketcap

Helium (HNT) gained significant attention, with a weekly increase of over 70%. HNT is currently trading at $8.16, experiencing a 17.81% price increase and a 44.56% surge in trading volume within the last 24 hours.

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Helium (HNT) 7-day chart | Source: CoinMarketcap

Other popular altcoins such as Injective (INJ), Avalanche (AVAX), and Cosmos (ATOM) also reported gains in their weekly charts, with INJ up by 41%, AVAX by 15%, and ATOM showing a 10% increase, according to CoinMarketCap data.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin and Ethereum, the leading cryptocurrencies, faced a modest decline during the last weekend of 2023. Bitcoin retraced to $40.8K, while Ethereum maintained a position slightly above $21,700. Crypto analyst Ali Matinez pointed out a noticeable dip in Bitcoin network growth, raising doubts about the sustainability of its recent move to $44,000.

For a robust continuation of the bull rally, Matinez emphasized the importance of an uptick in the number of new Bitcoin addresses to provide the necessary support for sustained bullish momentum.

Moreover, on December 14th, Matinez noted a capital inflow of over $19.7 billion into Bitcoin and Ethereum, reminiscent of the surge observed in December 2020 before BTC soared from $18,000 to $65,000.

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Bitcoin’s current value stands at $41,279, with a 24-hour trading volume of $23.89 billion, a market capitalization of $807.96 billion, and a market dominance of 51.33%. Over the past 24 hours, BTC has experienced a decrease of -1.53%.

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Bitcoin (BTC) 7-day chart | Source: CoinMarketcap

According to Coincodex’s Bitcoin price prediction, a 4.10% rise is anticipated, reaching $43,421 by December 21, 2023. The Fear & Greed Index shows 73, indicating a neutral sentiment.

Ali Matinez highlighted Ethereum whales on a buying spree, acquiring over 100,000 ETH in the past week, an impressive $230 million investment.

The current price of Ethereum is $2,191.73, with a 24-hour trading volume of $7.74 billion, a market capitalization of $263.44 billion, and a market dominance of 16.72%. Over the past 24 hours, ETH has experienced a decrease of -1.51%.

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Ethereum (ETH) 7-day chart | Source: CoinMarketcap

According to Coincodex’s current Ethereum price prediction, a 4.96% rise is expected, reaching $2,295.94 by December 22, 2023. The Fear & Greed Index shows 65, indicating a neutral sentiment in the market.

Bitcoin and Ethereum face a temporary setback, but the cryptocurrency market remains dynamic, with various altcoins presenting substantial gains and providing investors with diverse opportunities in this ever-evolving landscape.

Related Reading |  FTX Debtors Settle Crypto Claims At Bankruptcy Date 

Solana Rockets To 440% Amidst Tenfold Surge In SOL Mobile

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Solana is eyeing topping its last month’s gains, surging to $76 and propelling SOL to a remarkable 440% surge in the past year. Currently holding the sixth rank, the token is also on the verge of surpassing the market cap valuation of the Ripple-affiliated XRP token. According to data, SOL’s market cap currently stands at $32.7 billion, narrowly behind XRP’s valuation of $34.1 billion.

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Solana Rockets To 440% Amidst Tenfold Surge In SOL Mobile 14

The swift ascent of the token is underscored by the soaring sales of its crypto phone, which has experienced a more than tenfold increase in the past 48 hours. As per Raj Gokal, COO of Solana Labs, the crypto phone is on track to sell out before the new year. This surge in sales has set records since the phone’s launch on May 8. In response to this heightened demand, co-founder Anatoly Yakavenko has proposed a price hike for the Saga. The price was initially reduced from $999 to $599 in August due to declining sales.

Yakavenko’s proposal to increase the price aligns with the frenzy surrounding the Solana meme coin, Bonk Inu [BONK], which has witnessed a staggering 1,100% surge in the last 30 days. The growing popularity of BONK has attracted significant investor interest and market activity, with major crypto exchanges Coinbase and Binance recently adding the token to their listings.

Solana’s BONK Token Riding High On FOMO

The appeal of BONK is attributed to the prevailing meme coin trend, investor FOMO [fear of missing out], and its association with the high-performing Solana network. Meanwhile, Solana Mobile has announced a restriction on future orders, limiting them to one mobile device per household.

Amidst this momentum, Solana blockchain is set to further benefit from upcoming initiatives led by prominent crypto firms, including Galaxy Digital, Deutsche Bank’s DWS Group, and Dutch market maker Flow Traders. Recent reports indicate that these digital asset-focused entities are seeking regulatory approval for their planned Euro-denominated stablecoin within the next 12 to 18 months, further contributing to Solana’s positive trajectory.

Solana Gears Up for Euro Stablecoin Revolution Despite Market Dip

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Solana Blockchain is soon to welcome new projects from major crypto firms, notably Galaxy Digital, Deutsche Bank’s DWS Group, and Dutch market maker Flow Traders. Recent reports have emerged that these digital-asset-focused entities are set to seek regulatory approval for their planned Euro-denominated stablecoin before the intended launch date of 12 to 18 months.

Crypto-focused asset management firm Galaxy Digital is eyeing collaborations with asset management firm DWS and trading specialist Flow Traders as they join forces to bring a stablecoin to the Solana blockchain, aiming to expedite the widespread adoption of on-chain assets. This ambitious initiative is strategically positioned to leverage the evolving regulatory landscape in Europe, with success contingent on securing various approvals.

The proposed stablecoin, dubbed AllUnity, is envisioned to be fully collateralized and denominated in euros. Galaxy Digital revealed this development on December 13, detailing plans to incorporate the entity in Frankfurt. The next crucial step involves seeking an e-money license from the German financial regulator BaFin. The company is optimistic about a rapid timeline, aiming to launch AllUnity within the next 12 to 18 months.

Notably, AllUnity is set to make its mark on multiple public permissionless blockchains, including Ethereum and, notably, Solana, as confirmed by a spokesperson in communication with Blockworks. This strategic move aligns with the broader vision of fostering a diverse ecosystem for the stablecoin’s utilization and accessibility.

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Solana Gears Up for Euro Stablecoin Revolution Despite Market Dip 16

Following a notable 20% surge, SOL appears to have yielded to the broader market pullback. The token, holding the sixth position, experienced an 8% decline over the past 24 hours. As of the current writing, SOL is at a level of $65. The commencement of the week witnessed a substantial wave of cryptocurrency sell-offs in the Asian markets, leading to a significant downturn in the values of major cryptocurrencies amid a decline in investor confidence.

Some cryptocurrency analysts are predicting an additional drop in digital asset values, leading traders to expect a market pullback.

Solana Meme Coin Bonk Inu Secures Listing On Coinbase

Simultaneously, the memecoin Bonk Inu on the Solana blockchain has achieved a listing on Coinbase, a prominent US-based cryptocurrency exchange. The announcement of BONK’s inclusion in Coinbase’s listing “Roadmap” prompted a notable 8% surge in the token’s price, moving from 00001229 to 00001132, as reported by CoinGecko.

Solana’s 20% Surge Amidst Stablecoin Boost

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The decentralized finance analytics platform, DeFiLlama, reported an 8% surge in the supply of stablecoins on the Solana blockchain, reaching a total of $1.67 billion in the past week. Tether’s USDT maintained its dominance, constituting 54.02% of the market share. Meanwhile, the supply of the second-largest stablecoin on the chain, USDC, experienced a notable 20% increase, reaching $735 million, while USDT remained relatively stable. Over the same period, SOL, the native cryptocurrency of the Solana blockchain, recorded an impressive 20% surge in value.

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Solana's 20% Surge Amidst Stablecoin Boost 18

While Bitcoin often captures the attention of market observers, Solana has emerged as a favored alternative among institutional investors. Crypto investment funds witnessed a continuous influx of capital last week, with particular interest in the sixth-largest cryptocurrency by market capitalization.

According to a recent report by CoinShares, a digital asset fund manager, Solana received $3 million in investments, highlighting the growing institutional interest in the altcoin. Notably, high-profile entities such as Visa and Shopify have recently announced their utilization of the SOL blockchain, contributing to its increased appeal. Presently, SOL is trading at $70.6, displaying a marginal hourly decline but showcasing an impressive 16% gain over the past seven days.

Solana Projects Gain Traction

In addition to the institutional interest, Solana’s blockchain has garnered attention for two trending tokens. JITO, a staking initiative built on the network, gained significant visibility as its native token, JTO, secured a prominent position on the trending tokens list across various social media platforms, including X, Reddit, Telegram, and 4Chan.

Furthermore, Bonk Inu [BONK], a canine-inspired token on Solana, has outperformed Pepe, establishing itself as the third-largest meme coin with a remarkable $727 million market capitalization. Despite trailing behind SHIB and DOGE, Bonk Inu has positioned itself as a significant social layer and utility token on SOL, ranking only below SOL and USDC in terms of platform usage. It boasts over 680,000 unique holders and has established partnerships with more than 300 entities, solidifying its presence and influence within the Solana ecosystem.

Crypto Inflows Surge: Mixed Sentiments Amid 11th Consecutive Week

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In the fast-paced realm of crypto investment, the last week has marked the 11th consecutive week of inflows, albeit with a notable twist in investor sentiments. According to the latest Digital Asset Fund Flows Weekly Report, a total of $43 million was poured into various digital asset investment products. However, this figure reflects a marked decline compared to the robust inflows witnessed in the preceding weeks.

One of the intriguing facets of this week’s report is the surge in short position inflows, coinciding with the recent price appreciation in the digital asset market. As some investors anticipate potential downside risks, significant inflows into short positions have been observed, contributing to the dynamic nature of the market.

Regionally, Europe continues to dominate the inflows, attracting a substantial $43 million. In contrast, the United States witnessed a comparatively modest $14 million in inflows, with half of that amount directed toward short positions. Hong Kong experienced its second consecutive week of outflows, totaling $8 million, while Brazil reported minor outflows amounting to $4.6 million.

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Bitcoin Holds Ground As Investors Express Crypto Skepticism

Maintaining its status as the leading cryptocurrency, Bitcoin drew $20 million in inflows. This brings the year-to-date inflows for Bitcoin to an impressive $1.7 billion. Interestingly, short positions on Bitcoin also saw increased interest, with $8.6 million in inflows, indicating a segment of investors expressing skepticism about the sustainability of current price levels.

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Meanwhile, Ethereum, the second-largest cryptocurrency by market capitalization, report highlights its sixth consecutive week of inflows totaling $10 million. It marks a stark contrast from just seven weeks ago when Ethereum experienced year-to-date outflows of $125 million. The recent positive trend has helped Ethereum recover, boasting overall inflows of $19 million yearly.

Altcoins Solana and Avalanche maintained their appeal in the market, attracting inflows of $3 million and $2 million, respectively, reaffirming their status as favorites in the diverse landscape of alternative cryptocurrencies.

Beyond cryptocurrencies, blockchain equities saw a significant milestone, with their largest weekly inflows on record at an impressive $126 million. This underscores the growing interest and confidence in blockchain-related investments, even amidst the broader market’s uncertain momentum.

Related Reading | Solana’s BONK Taipei Debut: Claims 3rd Memecoin Spot

Solana Faces Correction After Surge Towards $80; Analysts Divided On Short-Term Outlook

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Solana (SOL) recently surged towards the $80 mark, marking a remarkable 70% increase in the 30 days leading up to December 8. However, the bears swiftly made their presence felt, initiating a correction with SOL currently trading above $65, with potential support at this level.

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Source: CoinMarketcap

The bullish momentum had propelled SOL above the critical $65 resistance, finding support around the $69.50 mark, reflecting a positive trend in the 100 simple moving average. Despite the recent correction, analysts are optimistic about the bulls’ resilience, suggesting that the $65 support level might remain active.

The recent surge in Solana’s price follows a stunning 400% increase earlier in the year, with SOL languishing around $20 for most of 2022. However, in a surprising turn of events, the crypto market pumped SOL above $30 on October 24, setting the stage for a series of impressive rallies. The momentum slowed briefly around $65 on November 16 but rose again in December, pushing SOL above $70.

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Source: CoinMarketcap

The landscape for Solana dramatically shifted on December 1 when Brian Armstrong, CEO of Coinbase, unveiled plans to integrate the Solana network, generating renewed interest in the ecosystem. Notably, this news sparked a surge in Bonk (BONK), a Solana SPL meme token listed on major exchanges like Bybit, KuCoin, and Solana’s decentralized exchange, Orca, gaining an impressive 236% between December 1 and December 8.

Solana Price Prediction

Analysts remain divided on the short-term outlook for SOL, with some anticipating a further correction if the price drops below the $55.00 support. On the flip side, a contingent of experts remains bullish, predicting that SOL could reach $100 by the end of the year.

Looking ahead, short-term price predictions from Changelly for SOL indicate a potential 0.41% decrease, with experts anticipating a dip by December 12, 2023. Technical indicators showcase an 87% bullish market sentiment for Solana, while the Fear & Greed Index registers a score of 74, indicating greed prevailing in the market.

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Solana Faces Correction After Surge Towards $80; Analysts Divided On Short-Term Outlook 24

For the end of December 2023, crypto experts expect the average SOL rate to hover around $74.39. The minimum and maximum price projections stand at $67.52 and $81.25, respectively, offering a potential return on investment (ROI) of 13.6%. 

Related Reading | Binance Faces Legal Hurdles: Analysts Weigh In On BNB’s Future