Home
News
- 1 Solana price prediction stays highly bullish for December 2023 and suggests $70 level may be visible.
- 2 SOL price rose 54% approx in November and broke the $50 hurdle.
- 3 Solana crypto price is in a strong uptrend.
Solana price prediction is highly bullish for the current month as well as for the next year. SOL price is in a strong uptrend and continues the positive momentum by forming higher high candles. Buyers managed to hold the price above the $50.00 which triggered the positive sentiment and added fuel to the momentum.
Solana crypto price had performed well in the last two months and rallied 188% approx in a short span of time.
Meanwhile, the buying volume increased steadily, highlighting the participation of the genuine buyers. So, the recent rally in SOL looks reliable and price are likely to hold the gains in coming months.
Mid-November, Solana price broke out of the $50.00 hurdle and buyers took control of the supply zone. It grabbed the attention of new participants. So they came forward and injected the money which positively impacted the price.
The volatility in SOL crypto has increased, and which increases the risk of a fake breakout and also shows the participation of speculators.
Currently, Solana price is trading at $63.95 with an intraday rise of 0.56%. The 24 hours volume to market cap is 5.54% denoting that this crypto has enough liquidity.
Solana Price Analysis: Will the Bullish Momentum Continue?
Solana price prediction suggests bulls will continue to dominate and lead the rally. They have formed a strong base near $50.00 which decreases the risk of downside substantially.
If for any reason, SOL price faces rejection at the $70.00 level and reverted down, then it may retest the $50.00 mark again. But, buyers might remain active and will come forward with a bounce.
The next phase of the rally in Solana will trigger only after the $70.00 is broken. Till then, SOL crypto price may spend time into the 20 points range.
SOL Price Have Turned Bullish on Multiple Time Frame Chart
SOL price have turned bullish on a daily, weekly as well as on monthly chart. The buyers are more active and aggressive as compared to sellers. So, the probability of continuing the upward momentum remains high.
In November, SOL price rallied 54% which is impressive. In December, Solana price might not be able to beat last month’s returns. But, we may expect at least a 25% to $30% spike from the current levels.
Therefore, existing investors should hold their positions and new participants may search for opportunities for building long positions.
Conclusion
Solana price prediction favors the bulls and suggests the rally might continue in December. The analysis suggests that SOL price is in a strong uptrend so the probability of $70.00 breakout remains high. If buyers succeed, then December might end with 25% to 30% returns.
Technical levels
- Resistance levels: $70.71 and $80.06
- Support levels: $50.49 and $40.08
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
