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Solana Price Prediction: Is $SOL Ready to Reclaim $100 Before New Year?
Solana Price Prediction: The competitive smart contracts token Solana (SOL), is making significant strides in the market, outshining its competitors with an impressive rally. Currently boasting a market capitalization of $40.2 billion, Solana has recently surpassed XRP to claim the fifth position in the market ranking and is now on the verge of overtaking BNB. This surge is attributed to strong fundamentals and a dynamic price trajectory, bringing the $100 price milestone within reach.
SOL Price Hits 20-Months High
The SOL price witnessing a surge in buying pressure at occasional dips reflects constant accumulation from bulls.
The rising SOL price hits a minor roadblock at $95.15
The 24-hour trading volume on the Solana coin is $6.7 Billion, indicating a 37% gain.
The Solana price recovery began in mid-September, starting from a trading point of approximately $17.5. Fueled by an overall bullish sentiment in the crypto market, this altcoin has experienced a remarkable 466% growth over the past 100 days, reaching a new yearly high of $99.5.
As the SOL price approaches the significant three-digit price point, investor enthusiasm and fear of missing out (FOMO) are intensifying. On December 20th, the altcoin observed a notable influx of investment, leading to a breakout from the resistance trendline of a rising wedge pattern.
This breakout propelled the coin to its current trading price of $92.59, although it encountered slight resistance at $95.15. The presence of a long-tail rejection candle suggests that some short-term traders may have exited their positions near the $100 mark.
If profit-booking intensifies, SOL might experience a minor pullback, potentially retesting the previously breached wedge pattern around the $85 level. However, this could be a last pullback before rally beyond the $100 threshold.
