Mid-January 2024: A Peek into Solana (SOL) Price Forecast

• Solana (SOL) Experiences Significant Correction, Predictions Point to Potential Recovery
• Solana's Performance in 2023
• Price Predictions for Solana (SOL) in Mid-January 2024
• Potential Impact of US SEC Decisions

Solana (SOL) Experiences Significant Correction, Predictions Point to Potential Recovery

Solana$104 5.03% (SOL) has seen a sharp correction in recent days. The cryptocurrency reached a top price of approximately $123.68 on December 25, 2023, however, it has been on a downward trend since that time. Over the past 24 hours, SOL has seen a 5% decrease, a 12.8% drop in the past week, and a more than 20% fall over the prior two weeks. Despite the downturn, the token has experienced an over 20% increase in the past month and a massive leap of more than 570% since the start of 2023.

Solana's Performance in 2023

Despite the recent downturn, Solana (SOL) has been one of the strongest performing cryptocurrencies in 2023. At the end of December 2023, SOL had realized gains of more than 1000% since the beginning of the year. However, these gains have significantly diminished as the market has undergone a correction. This downturn has also been experienced by other altcoins, with XRP$0.620 -1.68% falling by 8.5% over the last week and Cardano (ADA) seeing a decline of 18.2% in the same period.

Price Predictions for Solana (SOL) in Mid-January 2024

Based on predictions by Changelly, SOL's price could rise to $99.07 by January 10, 2024, an increase of approximately 11% from current levels. Changelly also predicts that SOL will trade between $90 and $105 throughout January, reaching $103.28 by January 15, 2024. This would equate to growth of about 15.72% from current prices.

Similarly, CoinCodex also forecasts a favourable outlook for Solana (SOL). According to its predictions, SOL could hit $103.44 on January 15, 2024, closely aligning with Changelly's prediction. CoinCodex also expects SOL to surpass $100 on January 10, when it predicts a price of $102.02. The platform forecasts that SOL will trade between $90 to $105 for the remainder of the month.

Potential Impact of US SEC Decisions

In the event that the US SEC (Securities and Exchange Commission) approves one or more spot Bitcoin$42,260 -0.64% (BTC) ETFs (Exchange Traded Funds), there could be a sudden surge in cryptocurrency prices. In this potential scenario, SOL's price may reach new heights.

Edited by Jonathan Stoker