Solana (SOL) has faced a 2.2% correction in the daily charts and a 2.2% drop over the previous week. Nonetheless, the asset is still one of the best-performing cryptos this year, up over 450% since January 2023.
Also Read: Solana (SOL) Forecasted to Rise 47% and Hit $82
According to CoinCodex, Solana (SOL) could reach a price of $58.86 by Dec. 4, 2023, a price increase of about 7% from current levels. Moreover, the platform anticipates SOL to surge beyond $60 towards the end of December.
The machine learning algorithm at PricePredictions also anticipates SOL to reach $58 by Dec. 4, 2023. Moreover, the platform expects the token to breach the $60 mark by Dec. 6, 2023.
Changelly, on the other hand, predicts Solana (SOL) to trade at around $57 on Dec. 4, 2023. Moreover, the platform anticipates SOL to hit $61 by Dec. 10, 2023.
Will Solana (SOL) continue its bullish momentum?
SOL has seen a continued inflow of funds over the last few months. According to the latest fund flow report by CoinShares, SOL saw $12.4 million in inflows in the previous week. Ethereum (ETH) led the race among altcoins, with $49.1 million flowing in, the most significant since August 2022. Bitcoin (BTC), however, had the most fund inflows, with $240 million.
The continued inflow of funds could mean investors are bullish on the project and anticipate it to continue surging. Moreover, many analysts have forecasted SOL to continue its bullish trajectory, at least in the near term. Furthermore, ChatGPT has also predicted that SOL could rally by 700% and reach $500 in 2024.
Also Read: Solana: ChatGPT Predicts SOL to Rise 700% and Hit $500
SOL’s performance this year has been especially commendable, given that a US court has green-lit FTX’s request to liquidate its SOL holdings. The now-defunct exchange has over $1 billion worth of SOL. Despite the liquidation fears, investors continue to stock up on SOL.