Solana (SOL) has surged 9.5% in the last 24 hours and 10.6% over the previous week. The popular cryptocurrency’s price has also spiked by 3% in the 14-day charts and 74.7% in the monthly charts.
Also Read: Solana (SOL) Price Prediction: December 2023
Since November 2022, after the collapse of FTX, Solana (SOL) has increased by over 340%. The price surge is especially commendable, given that SOL was one of the worst-affected projects after the fall of the exchange. Since January of this year, the asset’s price is up by over 500%, beating the likes of Bitcoin (BTC) and Ethereum (ETH).
The latest price surge is following the current cryptocurrency market trend. BTC briefly surpassed the $38k mark but has fallen to the upper $37k level. The recent rally could be due to the positive market sentiment around BTC. The original cryptocurrency will undergo its next halving cycle next year, and there is also a possibility of a spot BTC ETF (Exchange Traded Fund) in the US very soon.
Will Solana (SOL) hit $70 next?
Reaching $70 from current levels would require a rally of about 16.2%. According to PricePredictions, Solana (SOL) could fall to around $59 next week. Moreover, the platform anticipates SOL to continue trading at about $60-$61 for most of December 2023.
Also Read: Solana (SOL) Forecasted to Rise 47% and Hit $82, Here is When
CoinCodex also does not anticipate Solana (SOL) to reach $70 anytime soon. However, the platform predicts the cryptocurrency will hit $67 on Dec. 21, 2023.
The analysts at Changelly also do not expect Solana (SOL) to reach $70 anytime soon. As per the platform, SOL could hit a low of $55.57 on Dec. 3, 2023, a drop of around 7.7% from current levels. However, the firm anticipates SOL to reach $63.81 by Dec. 27, 2023.