Solana's SOL Skyrockets to Yearly High: Is $100 in Sight?

• Solana (SOL) Climbs to New Yearly High, Outperforms Major Cryptocurrencies
• Performance and Predictions for Solana (SOL)
• Solana (SOL) Sees Significant Inflow
• Future Projections for Solana (SOL)
• Contrasting Views on Solana's Future
• Potential Correction for Solana (SOL)

Solana (SOL) Climbs to New Yearly High, Outperforms Major Cryptocurrencies

Solana$104 5.03% (SOL) maintains its upward momentum, achieving a new yearly peak of $84.28. The cryptocurrency has experienced an increase of 11.4% on the daily charts, 18.8% in the trailing week, and a whopping 48.7% rise in the preceding month. SOL has managed to surpass XRP$0.620 -1.68%, becoming the fifth-largest cryptocurrency in terms of market capitalization.

Performance and Predictions for Solana (SOL)

In a noteworthy development, SOL's 50-day simple moving average stays above its 200-day moving average, underlining its robust performance. In the past 24 hours, SOL has emerged as one of the stellar performers among the top 100 crypto projects. Moreover, since January, SOL's price has skyrocketed by over 744%, eclipsing the likes of Bitcoin$42,260 -0.64% (BTC), Ethereum$2,315 -2.42% (ETH), and other significant competitors.

Solana (SOL) Sees Significant Inflow

CoinShares' most recent fund flow report underscores the escalating interest in Solana (SOL). As per the report, SOL experienced the highest inflow, receiving $10.6 million. On the contrary, Bitcoin (BTC) and Ethereum (ETH) recorded outflows of $32.8 million and $4.3 million, respectively.

Future Projections for Solana (SOL)

Will Solana (SOL) achieve the $100 milestone next? According to CoinCodex, Solana (SOL) could reach $90.64 by Dec. 29, 2023, marking an approximate 7.6% increase from the current levels. The platform, however, expects SOL's price to retreat afterward. Still, CoinCodex forecasts SOL to attain $97.07 by Jan. 16, 2024, a jump of about 16.22% from current prices.

Contrasting Views on Solana's Future

Changelly, however, does not foresee SOL crossing the $90 mark this year. Despite this, the platform anticipates SOL to climb to $92.95 by Jan. 16, 2024, exhibiting a rise of almost 10% from current levels. Nevertheless, Changelly does not predict Solana (SOL) to reach the $100 benchmark in 2024. According to Changelly, SOL will surpass the $100 threshold in early 2025.

Potential Correction for Solana (SOL)

SOL may undergo a correction soon as FTX$3.28 -5.38% offloads more of its crypto holdings. The ceased exchange holds over $1 billion in SOL tokens. In December 2023, the exchange liquidated approximately $500 million in crypto.

Edited by Jonathan Stoker