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Solana (SOL) has excelled among prominent cryptocurrency projects throughout 2023. Since the beginning of January, SOL has experienced a remarkable surge, surpassing a 600% increase. The asset recently achieved a new annual peak at $83.22, indicating a sustained bullish trend.
As of the latest data, SOL exhibits a daily gain of 11.4%, a weekly increase of 18.8%, and a substantial growth of over 48% in the past month. Furthermore, the token has demonstrated an impressive surge of more than 588% since December 2022.
Solana’s (SOL) Potential at December’s End
As per Changelly’s analysis, there is a potential for SOL to reach $80.69 by December 31, 2023, reflecting a 6.72% increase from its current levels. However, Changelly foresees a decline to the mid-$70 range in early January 2024, with expectations of a subsequent rebound later in the month. In contrast, CoinCodex predicts that Solana (SOL) could attain a price of $75.99 by December 31, 2023, indicating a modest 0.5% uptick from the present levels. CoinCodex anticipates a surge in SOL’s value at the onset of January 2024, with projections of breaching the $80 mark within the first week and reaching $90.23 by January 16, 2024.
Telegaon’s outlook is more optimistic, projecting a maximum SOL price of $101.14 in 2023, reflecting a substantial 33.77% increase from the current levels. However, Telegaon does not provide specific timing for when SOL might reach this peak. Despite these positive forecasts, there is a potential for a price correction in Solana (SOL) in the near future.
FTX, in the process of reimbursing creditors and clients, has initiated the sale of its substantial SOL holdings, which constitute over $1 billion. This significant sell-off may lead to a sudden correction in SOL’s price, as FTX reportedly sold nearly $500 million worth of cryptocurrencies in December 2023.
