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- Solana has reversed its parabolic growth trend despite approaching the altcoin season.
- Per analysts’ projections, the coin’s price might conditionally hit a high of $300 this month.
SOL, the native token of the Solana blockchain, has seen impressive growth this year. SOL is up by over 263% year-to-date, solidifying its position as a leading player in the crypto space. As of December 2024, investors and analysts started exploring what the protocol has in store.
Solana’s Path To $300
Solana is amongst the best-performing digital assets in 2024.
Solana has moved to fifth place on the MarketCap hierarchy and currently has a total valuation of $107.3 billion. The coin climbed from its January low of $9 to a $264 All-Time High (ATH) on November 22. As of this writing, SOL price was trading at $226.82, representing a 4.5% decline in the last 24 hours.
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The price action suggests diminished bullish momentum, consistent with the Relative Strength Index (RSI). The technical indicator currently suggests a moderate reading of 52. Therefore, SOL’s 263% YTD growth demonstrates sustained higher highs since Q1.
Meanwhile, Solana’s social dominance is up 6.09%, demonstrating its relevance in crypto discussions. Historically, spikes in social engagement align with market optimism and precede price swings.
However, continuous dominance without accompanying price advances may signal speculative relaxation. As 2024 ends, the relationship between investor sentiment and Solana’s on-chain expansion is critical.
On the daily chart, Solana shows a classic bull flag. This continuation pattern is characterized by a sharp rise (“flagpole”) followed by consolidation inside parallel trendlines (“flag”). This pattern frequently precedes another upward breakout, implying that Solana might reach $300 in December if bullish momentum persists.
However, this projection is based on broader market dynamics. First, Solana’s ability to move to $300 depends on Bitcoin’s ability to sustain above $96,000. Failure to do so might dampen optimism, driving Solana toward a key support level of $214.99.
Solana’s price trajectory will also depend on the interplay between its technical setup and macro factors driving the crypto market. As CNF noted, SOL must overcome the resistance level at $245 before the upward trend resumes.
Analysts’ SOL Expectations
Brian Quinlivan, lead Analyst at Santiment, highlighted a notable decline in sentiment around Solana. However, the analyst sees this traders’ latent optimism as a potential catalyst for SOL’s bullish rebound if Bitcoin maintains a price of at least $96,000.
Real Vision’s Raoul Pal shared similar optimism, forecasting that SOL will reach a new all-time high if market conditions stay good. Crypto analyst Rekt Capital supports this view, noting a “historic Weekly Close” over the key $250 resistance.
He added that Solana could break into uncharted territory if $250 is confirmed as new support. Despite bullish signals, Solana’s failure to confirm $250 as support could invalidate its breakout potential, leaving the price vulnerable to price corrections.
Solana boasts of different use cases including its leadership in the memecoin ecosystem as one of its major selling points.
