Solana (SOL) continues its bullish trajectory, hitting a new yearly high of $84.28. The token has surged by 11.4% in the daily charts, 18.8% in the last seven days, and 48.7% over the previous month. SOL has also overtaken XRP as the fifth-largest cryptocurrency by market capitalization.
Also Read: Solana (SOL) to Rally 600% and Hit $453: Predicts Analyst
SOL’s 50-day simple moving average remains above its 200-day moving average, highlighting its strength. SOL is one of the best-performing cryptocurrencies among the top 100 projects in the last 24 hours. Moreover, since January, the token’s price has surged by over 744%, far outshining Bitcoin (BTC), Ethereum (ETH), and other significant rivals.
CoinShares’ latest fund flow report highlighted the growing interest in Solana (SOL). According to the report, SOL saw the highest inflow, with $10.6 million. Bitcoin (BTC) saw outflows of $32.8 million, and Ethereum (ETH) saw outflows of $4.3 million.
Will Solana (SOL) hit $100 next?
According to CoinCodex, Solana (SOL) could hit $90.64 on Dec. 29, 2023, rising by about 7.6% from current levels. However, the platform anticipates SOL’s price to draw down after that. Nonetheless, CoinCodex predicts SOL to reach $97.07 on Jan. 16, 2024, a rise of about 16.22% from current price levels.
Changelly, on the other hand, does not expect SOL to breach $90 this year. However, the platform anticipates SOL to reach $92.95 on Jan. 16, 2024, rising by about 10% from current levels. However, Changelly does not expect Solana (SOL) to hit $100 in 2024. According to the platform, SOL will breach the $100 mark in early 2025.
Furthermore, SOL may face a correction soon as FTX sells more of its crypto holdings. The defunct exchange has over $1 billion worth of SOL tokens. The exchange has liquidated about $500 million worth of crypto in December 2023.