Solana (SOL) continues its bullish trajectory, reaching a new annual peak of $84.28. The cryptocurrency has experienced an 11.4% surge in the daily charts, an 18.8% increase over the past seven days, and an impressive 48.7% rise in the last month. Notably, SOL has surpassed XRP to become the fifth-largest cryptocurrency by market capitalization. The 50-day simple moving average of SOL remains positioned above its 200-day moving average, underscoring its inherent strength.
In the last 24 hours, SOL stands out as one of the top-performing cryptocurrencies among the leading 100 projects. Remarkably, since January, SOL’s price has witnessed a staggering surge of over 744%, significantly outperforming major rivals such as Bitcoin (BTC) and Ethereum (ETH). CoinShares’ latest fund flow report emphasizes the growing interest in Solana, with the cryptocurrency experiencing the highest inflow at $10.6 million. In contrast, Bitcoin (BTC) saw outflows amounting to $32.8 million, and Ethereum (ETH) witnessed outflows of $4.3 million.
Solana Bulls in Action: Anticipating a $100 Breakthrough
As per CoinCodex’s analysis, Solana (SOL) is projected to reach $90.64 by December 29, 2023, indicating a 7.6% increase from its current levels. However, the platform expects a subsequent decline in SOL’s price. Nevertheless, CoinCodex forecasts a further rise to $97.07 by January 16, 2024, representing a 16.22% increase from the current price.
In contrast, Changelly is less optimistic about SOL surpassing $90 this year. Nevertheless, Changelly anticipates SOL to reach $92.95 on January 16, 2024, indicating a 10% increase from the current levels. Notably, Changelly does not foresee Solana (SOL) reaching the $100 milestone in 2024, predicting that it will breach this mark in early 2025.
Adding to the mix, concerns arise about a potential correction for SOL as FTX, holding over $1 billion worth of SOL tokens, plans to sell more of its crypto holdings. In December 2023 alone, the exchange has liquidated approximately $500 million worth of cryptocurrency.