December forecasts.. Will bulls push Solana coin SOL to $300?

Entering December 2024, the Solana coin, known as SOL, has caused a stir in the cryptocurrency market thanks to its price rising by 117% since the beginning of the year, recently reaching its peak.

With this impressive performance, investors and analysts are currently looking towards the future of blockchain technology, wondering whether SOL will continue to rise or whether there are challenges ahead.

SOL performance in 2024

SOL is up 117% so far in 2024, underscoring its resilience under volatile market conditions.

The Relative Strength Index indicates declining bullish momentum, while SOL Social Coin’s 6.09% dominance underscores its importance in the cryptocurrency discourse.

SOL forecast for December

On the daily chart, SOL is showing a continuation pattern that usually precedes another rise. This suggests that SOL could reach $300 in December, provided the bullish momentum continues.

However, BTC’s ability to stay above $94,000 will be crucial to maintaining bullish sentiment, and if BTC fails, it could push SOL towards potential support at $214.99.

Analysts’ opinions

Analysts expressed mixed sentiment towards SOL, for example, Brian Quinlivan, lead analyst at Santiment, noted lower sentiment towards SOL, but saw it as a potential catalyst for a recovery.

Analysts predicted that with market sentiment remaining cautiously optimistic, the path of SOL coin price will depend on the interaction between its technical setup and the macro factors driving the cryptocurrency market.