The Solana (SOL) market has clearly slowed down over the past couple of weeks. This comes despite the fact that the altcoin has surged to a new all-time high of $263.83. But SOL failed to keep up this momentum and recorded a major dip. Currently, the asset trades nearly 16% below its latest peak. With the Christmas spirit around the corner, the Solana community has high hopes for the asset this week. But will SOL live up to these expectations?
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Solana Stands Tall
At press time, the fifth largest cryptocurrency was trading at $224.92. This price level was achieved after the asset surged by nearly 5% over the past 24 hours. In addition to its price, the SOL has managed to retain itself over the $100 billion market cap zone. The asset recorded a slight drop earlier today, but currently, it is seen with a market value of $107.94 billion.
As the asset navigates its way to the top, the United Kingdom’s Financial Conduct Authority (FCA) alerted the region about a Solana-based meme coin. The Solana meme coin market has witnessed immense popularity over the past year. The bearish news did not seem to have an impact on the price of Solana.
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Weekly Prediction
It will sadly be a bearish week for the Solana market. The altcoin is expected to drop all the way to a low of $215. According to data from CoinCodex, the highest that SOL will trade at is $217.65. But Solana will mostly trade between the above-mentioned range.
The community will have to wait for a while before the cryptocurrency reclaims its peak or even surges to a high of $300. Despite this, the overall market sentiment seems optimistic.
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