In line with the recent upswing in the overall cryptocurrency market, Solana (SOL) has followed suit, experiencing a growth of over 60% in the past month. Investors might wonder what the next price target for this digital asset is.
The importance of Solana closing above $68.2 and a support level of $60 as a driving force towards the $90 threshold is highlighted in the post on X from cryptocurrency analyst Ali Martinez on December 7.
Since then, SOL has surpassed this threshold and closed at a price range above this prediction, indicating a continuation of its bullish momentum for the time being.
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Bullish indicators for Solana
Solana has experienced some noteworthy positive indicators in the previous 24 hours, as it has showcased its potential continued rise through the sudden surge in its total value locked from $600 million to $833 million, as per data provided by Step Data Insights on December 8.
Additionally, SOL has also become a second cryptocurrency by decentralized exchange volume, experiencing weekly gains amounting to 67.38% and over $3 billion in trading volume, as per information provided by The DeFi Investor on December 8.
These notable achievements and the previous analysis of Solana’s potential to surpass the $90 threshold spell out an optimistic outlook regarding the potential future price range.
Solana price analysis
At the time of press, the price of Solana stood at $71.53, up 13.97% on the day, adding onto the gain of 16.30% across the previous 7 days and a more significant increase of 65.18% on its monthly chart.
This crypto is showcasing solid fundamentals, with a price increase of 433% in the last year, which allowed it to outperform 95% of the top 100 crypto assets in the same period. Notably, it outperforms Bitcoin (BTC) and Ethereum (ETH).
It trades above its 200-day simple moving average while experiencing 17 green days in the previous 30 days.
However, it is essential to note that this cryptocurrency is still down from its all-time high by a considerable percentage of -72%.
With this digital asset showcasing strong performance in the recent period, coupled with high market capitalization and trading volume, it is essential to remember that the cryptocurrency market is highly volatile, and caution is advised as investors should conduct a thorough investigation when allocating their resources.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.