Solana (SOL) Skyrockets by 10%: Is $70 Around the Corner?

• Solana's Remarkable Price Performance and Future Predictions
• Solana's Resilience in the Market
• Bitcoin's Influence on the Market
• Will Solana Reach $70?
• Solana Price Predictions

Solana's Remarkable Price Performance and Future Predictions

During the past day, Solana$104 5.03% (SOL) experienced a 9.5% surge, marking a 10.6% increase over the past week. In addition, SOL's price has noted a 3% boost in the 14-day charts, while the monthly gains amount to a substantial 74.7%. Since November 2022, SOL has managed to amass an impressive 340% increase, despite the aftermath of the FTX$3.28 -5.38% exchange collapse.

Solana's Resilience in the Market

Notably, SOL was among the most adversely affected cryptocurrencies after the FTX exchange's downfall. However, SOL demonstrated resilience, with the asset's price climbing by over 500% since the beginning of this year, surpassing the performances of Bitcoin$42,260 -0.64% (BTC) and Ethereum$2,315 -2.42% (ETH). SOL's recent price surge aligns with the current market trend in the crypto world.

Bitcoin's Influence on the Market

The original cryptocurrency, Bitcoin, recently surpassed the $38k mark, albeit temporarily, before settling at the upper $37k level. This rally might be a reflection of the positive market sentiment surrounding BTC. Its next halving cycle is set for next year, with the potential introduction of a spot BTC ETF (Exchange Traded Fund) in the US on the horizon.

Will Solana Reach $70?

Solana's journey to $70 from present levels would necessitate approximately a 16.2% rally. However, the platform PricePredictions views a slight drop in SOL's future, predicting a slide to around $59 in the next week. Furthermore, the platform foresees SOL continuing to trade broadly between $60-$61 throughout December 2023.

Solana Price Predictions

On the other hand, CoinCodex doesn't forecast Solana reaching $70 in the near future. Instead, it predicts that SOL will hit $67 on December 21, 2023. Similarly, analysts at Changelly remain skeptical about SOL's potential to reach $70 in the foreseeable future. According to their estimates, SOL could bottom out at $55.57 on December 3, 2023, representing a roughly 7.7% decrease from current levels. Yet, they anticipate that SOL might recover to reach $63.81 by December 27, 2023.

Edited by Jonathan Stoker