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Bitcoin‘s price is above $38,400, marking a strong start to December as we count down to 2024. Altcoins like Solana, which experienced rapid increases in the past months, could reach new highs if December meets expectations. Today, we will discuss expectations for altcoins like Solana (SOL) which have been positively diverging.
Solana (SOL)
Solana inflows have surpassed $360 million, and with a slight recovery in the GSOL price, expectations for SOL Coin’s price increase are strengthening. Next year, we will experience many significant developments, from interest rate cuts to halving. Additionally, there is hope that the much-awaited announcement for the spot Bitcoin ETF approval will come around January 9-10.
At the time of writing, SOL Coin’s price is above $60. Institutional demand is positive, and after the $8 low in November, we have seen massive gains. This rekindles investors’ hopes for a return to the $260 mark. Setting aside the minor fluctuations Solana has experienced in recent weeks, we can say it hasn’t strayed far from the $100 path.
If we are to see three-digit prices, the bulls need to consolidate the $62 support and achieve a breakout above $70.
SOL Coin Predictions
After testing the support at $51, the price’s resurgence to the $62 resistance supports the possibility of a continued rally. The MACD also indicates that closures above $60 are promising and could accelerate the rally with the support of long positions.
If there is a reversal from the $62 resistance, the $58.41 support could serve as a strong defense line. However, closures below it may open the door to a new struggle at $56. Cryptocom activated the EURO pairing for SOL and XRP Coin, although this development has not contributed significantly for now.
The good news was that the total locked value in the Solana network rose to the same level as about a year ago.
At the time of writing, the TVL stands at $674 million, and exceeding the $1 billion threshold would reinforce the bulls’ belief in a true comeback. Surpassing a TVL of $1.2 billion could support the rationale of investors targeting prices above $256.
- Solana’s market position strengthens with inflow surge.
- SOL Coin’s price rebound sparks renewed investor optimism.
- Positive TVL trends hint at bullish market sentiment.
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