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.
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.
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.
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%.
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