Solana Price Prediction: 3 Catalysts Propelling SOL Towards $100
Solana price prediction: SOL comes to a sudden halt at $80, as profit-taking takes center stage ahead of a larger blastoff past $100.
Solana price prediction: Solana, like many cryptocurrency majors, topped out earlier this week after a persistent rally from mid-October. The crypto market was significantly overbought and needed to cool off before the resumption of the uptrend.
Over the past 24 hours, Solana price gained 8% to trade at $78 on Friday. The smart contracts token is up 9.2% in the last week, 28% in a fortnight, and 32% in a month, not to mention a 460% increase in 12 months.
Key catalysts have contributed to the soaring Solana price, resulting in euphoria among investors. As traders FOMO and DCA into SOL dips, the uptrend is propped to keep going.
Although resistance at $80 may lead to a brief sell-off, due to the format of a short-term double-top pattern, sweeping through liquidity allows already sidelined investors to seek exposure, which eventually drives SOL towards $100.
Solana Price Prediction: 3 Catalysts Driving SOL Rally.
Solana slid below the $70 support mark earlier in the week but support at $65 coupled with the Federal Reserve keeping interest rates unchanged and projecting three rate cuts in 2024, triggered a stronger rebound which narrowed the gap to $80.
Risk assets like Bitcoin and Solana benefit the most when fixed-income returns drop.
Coinbase listing Solana SPL tokens amid airdrop rumors is another catalyst keeping SOL not only buoyant but also bullish. The network is experiencing a surge in the demand for SPL tokens, thanks to their integration with two leading exchanges Binance and Coinbase.
Jito (JITO) and Bonk (BONK) are some of the ecosystem's SLP tokens listed by Coinbase on December 7 and 14, respectively.
