Solana (SOL) has recently demonstrated remarkable strength, recording an impressive 12.57% increase in the past 24 hours. This significant jump positions it amongst the top performers in the volatile crypto market, signaling that a potent bull run is on the horizon.
A few weeks prior, SOL seemed trapped within a tight consolidation range, fluctuating between $38.77 and $42.25. Suddenly, the price erupted, experiencing a remarkable surge before encountering resistance at $61.49.
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Solana broke through on December 3. The surge was halted again, and the digital asset dropped to $59 on December 5. However, it quickly recovered and reached $65.55 the next day before falling back.
After a few more attempts, Solana (SOL) broke through on December 7, surging past $70 in the early hours of December 8. Solana reached a peak of $72.36 twice before a minor correction. However, the overall trajectory is bullish. Solana is currently trading at $71.25, showing a 16.97% increase in the past week and 63.23% in the past month.
Solana (SOL) Price Prediction: $80 or $100 Soon?
Examining technical indicators, such as the Moving Average Convergence Divergence (MACD), reveals a positive picture. The steadily rising green histogram and sharply increasing averages show that Solana’s price could soon see further gains.
Currently, the next target for Solana is $75, with everyone wondering if the digital asset can reach this price before the week runs out. The answer hinges on Solana’s ability to maintain its position above $70.
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If the bulls in the market can maintain this level, SOL’s upward trajectory is likely to continue, paving the way for a potential test of the $75 resistance level in the coming days. Breaking through could also open the doors for more ambitious price targets, such as $80 and $100 in 2023.
Despite the bullish expectations, the crypto market is volatile, and there’s every chance that Solana might drop again in the coming days. A loss of bullish momentum could send Solana down to $65 or lower. However many believe the digital asset will maintain this momentum.
SOL’s recent surge has generated significant excitement and optimism within the crypto community, and technical indicators and market sentiment suggest the potential for continued growth.
The current upward momentum offers a promising future, and Arthur Hayes, the co-founder of BitMEX, recently predicted that Solana would reach $100 this weekend. There’s still time for the cryptocurrency to surpass the $80 target, to pave the way for higher prices.
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