Solana (SOL) has seen its price surge nearly 10% over the last 24 hours and week. This continues an impressive rebound since the cryptocurrency market downturn in November 2022 catalyzed by FTX’s shocking collapse. Solana was one of the hardest-hit crypto projects from FTX’s failure, yet its price has skyrocketed over 340% since then. Moreover, in 2023 so far, SOL’s value has ballooned by over 500%, handily beating returns from crypto titans Bitcoin and Ethereum.
Experts attribute Solana’s recent double-digit rally to the current positive momentum in the broader cryptocurrency market. Bitcoin, the original and most prominent crypto, briefly eclipsed $38,000 but has settled back into the high $37,000 range. Analysts link Bitcoin’s rise to growing optimism about major upcoming catalysts – its 2024 halving cycle which will cut mining rewards in half, and mounting expectations for regulatory approval of a Bitcoin spot ETF in the US.
Given its current price point, Solana would need to surge around 16% to reach the psychologically important $70 level in the near term. However, expert predictions suggest this is unlikely soon. PricePredictions anticipates SOL retreating to approximately $59 next week after its sharp gains. Moreover, they expect Solana to trade sideways between $60-61 for most of December 2023 barring any shocks. Echoing conservatism on $70, CoinCodex does not foresee SOL hitting that mark in the coming weeks or months. Yet they do predict it could ascend to $67 by December 21st, 2023.
Similarly, analysts at Changelly do not envisage Solana reaching $70 in the short term. Their models forecast SOL declining to around $55 in early December 2023, a drop of nearly 8% from today’s prices. Nonetheless, they expect a recovery to $63 by late December 2023 thanks to residual momentum and a supportive crypto macro environment.
