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Bitcoin‘s price has started December above $38,400, and we are also counting down to the year 2024. Altcoins like Solana, which experienced rapid increases in recent months, could reach new peaks if December meets expectations. Today, we will discuss the expectations for altcoins like Solana (SOL) that are showing positive divergence.
Solana (SOL)
Solana’s inflows have surpassed $360 million, and with the slight recovery in GSOL price, expectations for SOL Coin’s price increase are strengthening. We will experience many major developments next year, from interest rate cuts to halving. There is also hope for the long-awaited great news of the spot Bitcoin ETF approval on January 9-10.
At the time of writing, the SOL Coin price is above $60. Institutional demand is positive, and we’ve seen massive gains since the $8 bottom in November. Investors’ hopes of reaching back to $260 are thus beginning to revive. If we set aside the minor fluctuations Solana has experienced in the past few weeks, we can say it has not strayed far from the $100 trajectory.
If we are to see triple-digit prices, 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 possibility of a continued rally. The MACD also indicates that closings above $60 are promising, and closings above resistance could accelerate the rally with the support of long positions.
If there is a reversal from the $62 resistance, the $58.41 support could be a strong defensive line. However, closings below that might open the door to a new struggle at $56. Cryptocom has activated the EURO parity for SOL and XRP Coin, although this development has not made a significant contribution so far.
The good news is that the total value locked on the Solana network has risen to the same level as about a year ago.
At the time of writing, the TVL stands at $674 million, and surpassing the $1 billion threshold would reinforce the bulls’ belief in a true comeback. A TVL exceeding $1.2 billion could support the claims of investors targeting prices above $256.
- Bitcoin starts December strong; Solana may soar.
- Major financial events forecasted, including Bitcoin ETF.
- Positive indicators suggest a bullish trend for SOL.
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