The Solana (SOL) market has clearly slowed down over the previous couple of weeks. This comes even if the altcoin has surged to a brand new all-time excessive of $263.83. However SOL did not sustain this momentum and recorded a significant dip. At present, the asset trades practically 16% beneath its newest peak. With the Christmas spirit across the nook, the Solana neighborhood has excessive hopes for the asset this week. However will SOL reside as much as these expectations?
Solana Stands Tall
At press time, the fifth largest cryptocurrency was buying and selling at $224.92. This worth stage was achieved after the asset surged by practically 5% over the previous 24 hours. Along with its worth, the SOL has managed to retain itself over the $100 billion market cap zone. The asset recorded a slight drop earlier immediately, however at present, it’s seen with a market worth of $107.94 billion.
Because the asset navigates its approach to the highest, the UK’s Monetary Conduct Authority (FCA) alerted the area a couple of Solana-based meme coin. The Solana meme coin market has witnessed immense reputation over the previous yr. The bearish information didn’t appear to have an influence on the value of Solana.
Weekly Prediction
It should sadly be a bearish week for the Solana market. The altcoin is predicted to drop all the best way to a low of $215. In keeping with information from CoinCodex, the very best that SOL will commerce at is $217.65. However Solana will largely commerce between the above-mentioned vary.
The neighborhood should look ahead to some time earlier than the cryptocurrency reclaims its peak and even surges to a excessive of $300. Regardless of this, the general market sentiment appears optimistic.
