Solana (SOL) Price Forecast for December 2023: What to Expect

• Solana (SOL) Outshines Other Major Cryptocurrency Projects in 2023
• Price Predictions for Solana (SOL) at the Close of 2023
• CoinCodex's Projections for Solana (SOL)
• Telegaon's Forecast for Solana (SOL)
• Potential Price Correction for Solana (SOL)

Solana (SOL) Outshines Other Major Cryptocurrency Projects in 2023

In 2023, Solana$104 5.03% (SOL) has truly shone in the cryptocurrency landscape. From the start of the year, SOL has exhibited an extraordinary growth of over 600%. The asset recently reached a record high for the year at $83.22 and its bullish trend seems to be unwavering. With an increase of 11.4% on the daily chart, 18.8% on the weekly chart, and an impressive 48% rise since last month, SOL has indeed proven its viability as a digital asset. SOL has soared by over 588% since December 2022.

Price Predictions for Solana (SOL) at the Close of 2023

Changelly, a reputable cryptocurrency platform, predicts that SOL could reach a price of $80.69 on December 31, 2023, marking an approximate 6.72% rise from its current trading level. While the platform anticipates a slight dip to mid-$70 levels in early January 2024, it also expects SOL to regain its bullish momentum by mid-January 2024.

CoinCodex's Projections for Solana (SOL)

On the other hand, CoinCodex projects Solana (SOL) to close at a price of $75.99 on December 31, 2023, a mild increase of about 0.5% from its current level. The platform predicts a rise in SOL's momentum in early January 2024, breaking the $80 mark during the first week of the new year. Further, CoinCodex anticipates SOL will reach $90.23 by January 16, 2024.

Telegaon's Forecast for Solana (SOL)

Telegaon foresees SOL reaching a peak price of $101.14 in 2023, suggesting a substantial increase of approximately 33.77% from its current level. However, the platform has not provided a specific timeline for when SOL might hit this target.

Potential Price Correction for Solana (SOL)

Despite the optimistic predictions, there is a possibility that Solana (SOL) may undergo a price correction in the near future. FTX$3.28 -5.38%, a prominent crypto exchange with a majority of its holdings in SOL tokens, has initiated the selling of its assets to compensate creditors and clients. Given that FTX possesses over $1 billion in SOL tokens, selling these assets in the market could trigger an abrupt price correction. Reports indicate that the exchange sold cryptocurrencies worth nearly $500 million in December 2023.

Edited by Jonathan Stoker