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Bitcoin‘s price is above $38,400, marking a strong start to December. Moreover, we are counting down to 2024. Altcoins like Solana, which experienced rapid increases in the past months, could reach new heights if December meets expectations. Today, we will discuss the positive divergence expectations for altcoins, specifically focusing on Solana (SOL).
Solana (SOL)
Solana inflows have surpassed $360 million, and with the slight recovery in GSOL prices, expectations for a price increase in SOL Coin are strengthening. Next year, we will experience many major developments, from interest rate cuts to halving. Additionally, there is hope for the long-awaited announcement of spot Bitcoin ETF approval on January 9-10.
SOL Coin price is above $60 as of the writing of this article. Institutional demand is positive, and we have seen massive gains since the $8 low in November. Investors’ hopes for a rebound to $260 are thus being revitalized. Aside from minor fluctuations in recent weeks, Solana has not strayed far from the $100 path.
If triple-digit prices are to be seen, the bulls need to solidify the $62 support and achieve a breakout above $70.
SOL Coin Predictions
After testing the support at $51, the price’s rise back to the $62 resistance supports the likelihood of the rally continuing. The MACD also indicates that closures above $60 are promising, hinting that surpassing resistance could accelerate the rally with the support of long positions.
If there is a retreat from the $62 resistance, the $58.41 support could be a strong defensive line. However, closures below that could open the door for a new struggle at $56. Cryptocom has activated the EURO pairing for SOL and XRP Coin, although this development has not had a significant impact yet.
The good news is that the total locked value in the Solana network has risen to the same level as approximately a year ago.
The TVL is at $674 million as of the time of writing, and surpassing the $1 billion threshold would strengthen the bulls’ belief in a true comeback. Exceeding a TVL of $1.2 billion could justify the position of investors targeting prices above $256.
- Bitcoin starts December above $38,400; focus on Solana (SOL).
- Institutional interest grows, with SOL Coin price above $60.
- Solana’s TVL rise signals bullish sentiment for investors.
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