After Bitcoin started December with a strong start above $38,400, altcoins like Solana have the potential to reach new highs. Solana, in particular, shows positive divergence and high expectations for December.
Interest in Solana has surpassed $360 million, strengthening expectations for the increase in SOL Coin value. The coming year will witness significant developments, from interest rate cuts to the Bitcoin halving. Additionally, the long-awaited Bitcoin ETF approval news may come on January 9-10.
At the time of writing, the SOL Coin price is above $60. Institutional demand is positive, and significant gains have been observed since the dip at $8 in November. Investors’ hopes of returning to $260 are rekindled. Setting aside the minor fluctuations in recent weeks, Solana has remained far from the $100 mark.
In order for SOL Coin to reach triple-digit prices, bulls need to strengthen support at $62 and experience a breakout above $70. After testing support at $51 and returning to the $62 resistance, it supports the possibility of the rally’s continuation. MACD also signals promising closes above $60 and suggests that closes above resistance can accelerate the rally with the support of long positions.
If there is a reversal from the $62 resistance, the $58.41 support can act as a strong defense line. However, a close below this level can open the door to a new struggle at the $56 level. Although Cryptocom has activated the EURO pair for SOL and XRP Coin, this development has not provided significant contribution so far.
The total value locked (TVL) in the Solana ecosystem has reached the level of approximately a year ago. At the time of writing, TVL is at $674 million, and surpassing $1 billion in value could strengthen bulls’ belief in a true reversal. Surpassing $1.2 billion in TVL could support investors’ claims targeting prices above $256.