Solana Price Analysis: Will SOL Coin Reach New Highs in December? - Latest cryptocurrency news

Solana Price Analysis: Will SOL Coin Reach New Highs in December?

Bitcoin price has started December strong, surpassing $38,400 and counting down towards 2024. Altcoins like Solana have experienced rapid growth in recent months and could reach new highs if December expectations are met.

Investments in Solana have exceeded $360 million, strengthening the expectations for an increase in SOL Coin price alongside the slight recovery in GSOL price. The coming year will witness several important developments, from interest rate cuts to halving. Additionally, there are hopes for the long-awaited announcement of the approval of the spot Bitcoin ETF in January 9-10.

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As of writing, SOL Coin is above $60. Positive institutional demand and significant gains were observed after a drop to $8 in November. This has revived investors’ hopes of returning to the $260 level. Despite minor fluctuations in recent weeks, Solana has stayed on a path towards $100.

To see triple-digit prices, bulls need to strengthen the support at $62 and achieve a breakout above $70. After testing the $51 support level, a rise to the $62 resistance supports the possibility of the rally continuing. MACD signals closing above $60, which is promising, and with the support of long positions, it can accelerate the rally.

If there is a reversal from the $62 resistance, the strong defense line can be the $58.41 support. However, closes below this level could open the door to a new battle at $56. Cryptocom has activated the EURO pairing for SOL and XRP Coin, but this development has not provided significant contribution yet. The good news is that the total locked value in Solana has returned to its level from about a year ago.

At the time of writing, TVL is reported as $674 million, and surpassing $1 billion will strengthen the belief in a real turnaround by the bulls. Surpassing $1.2 billion in TVL can support the rationale of investors targeting prices above $256.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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