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Year to date (YTD), Solana (SOL) price has increased by 117% and has surpassed the previous historical peak. Still, investors expect Solana’s December 2024 forecast to continue to be more profitable.
Whether that happens depends on many factors. In this analysis, TinTucBitcoin looks at some of these factors and analysts’ opinions on the potential of this altcoin.
Sentiment About Solana Falls, But Analysts Remain Optimistic
Solana’s price increase this year has ensured that its social media dominance remains relatively healthy. Social media dominance refers to the level of discussion about a certain cryptocurrency compared to other assets in the top 100.
A rise in social media dominance shows that discussion has increased around a certain asset, while a decline shows that market attention has shifted to other cryptocurrencies. According to Santiment, Solana’s social media dominance currently stands at 6.09%, reflecting significant interest and heated conversations about the asset.
This increase may be related to SOL’s price fluctuations and the growing meme coin activity on the blockchain. If sustained, the December 2024 Solana forecast could be on the upside.
Regarding the outlook for SOL, Brian Quinlivan, Chief Analyst at Santiment, suggested that the cryptocurrency’s bearish sentiment could significantly impact its performance in December.
Interestingly, Quinlivan sees traders’ skepticism as a potential positive, noting that this could facilitate a recovery. However, he emphasized that SOL’s upside will depend on Bitcoin maintaining a price of at least $96,000.
“Traders were skeptical when the asset peaked last Thursday/Friday. And now, with a correction back below $240, sentiment is in the bottom 10% range compared to the past 3 months of data. This should be seen as a good sign that it can recover quickly as long as Bitcoin can stabilize and stay between $94,000 and $96,000 throughout this week,” Quinlivan told TinTucBitcoin.
If this proves true, this would also be in line with Raoul Pal’s prediction that SOL could hit a new record high soon. In addition to Pal, crypto analyst Rekt Capital also agrees that SOL could reach new highs.
“Solana delivered a Record Weekly Close. For the first time in history, SOL had a Weekly Close above the major resistance level of $250. If SOL confirms $250 is the new support level. SOL will confirm a breakout into new Historical Highs. Historical re-examination is underway,” the analyst said write on X five days ago.
SOL Price Forecast: Bull Flag Targets $300
On the daily chart, the altcoin has formed a bull flag pattern, suggesting that the December 2024 Solana prediction could reach higher values.
A bull flag is a positive chart pattern consisting of two price increases separated by a short period of consolidation. The pattern begins with a sharp, nearly vertical price rise, known as a “flagpole,” as buyers overwhelm sellers.
This is followed by a small pullback, where the parallel resistance levels form a “flag,” signaling a pause before resuming forward momentum. With the technical pattern in place, Solana price could rise to $300 this month.
However, if Bitcoin price fails to sustain above $94,000, this may be difficult to achieve. In that situation, SOL could drop to $214.99.
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