Is Solana in Trouble? SOL Price Turns Red with XRP Rally – Can SOL Reach $1,000 in December?

Price Prediction Solana XRP

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Harvey Hunter

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Harvey Hunter

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Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

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Last updated: 

December 2, 2024

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Indeed, the SOL price appears to be the latest victim of post-rally fatigue, affecting other notable altcoins alike. In a rough start to the month, today’s 4.82% decline takes the week’s losses to 11.56%.

Amidst post-election hype, many coins have outpaced their fundamentals and most bullish projections, and it seems the 35.55% gain Solana has seen over the past month is now in question.

Particularly as this decline comes with a 50% increase in trading volume, nearing $5.5 billion, it seems the downtrend still holds momentum.

SOL Price Analysis: Is a $1,000 Solana Still in Play?

Technical indicators lay grounds for optimism, as the recent breakout of a cup-and-handle pattern forming since late 2021 favors a bullish continuation of Solana’s long-term price appreciation.

Given that the pattern fully materializes, it sets a price target of $380, a 70% advance on current prices, and a credible target that runs into the final month of the year.

While $1,000 is also far within the realms of possibility, it’s more likely such highs will be seen further into next year, especially with anticipated fundamental developments like Solana Exchange Traded Funds (ETFs).

In the meantime, the SOL price seems to be amidst a natural and healthy correction, finding more stable footing for its next leg up.

Particularly following the Relative Strength Index (RSI) stint in overbought territory, surpassing 80, a telling sign that a correction was due.

With the RSI reaching the neutral zone at 50, the correction seems to be near its end.

The support zone around $205.30 appears to be a possible local bottom, in line with consistent support provided by the 50SMA throughout the rally.

This Fleeting Opportunity Could Be the Better Play

While the waning interest in Solana may be concerning, it’s normal for opportunistic investors to rotate their holdings, particularly those looking to make the most of the Bull cycle.

As “meme coin supercycle” sentiment takes hold and coins like $GOAT and $Pnut experience sudden rises to prominence, strategic investors may find it beneficial to diversify into newer low-cap meme coins with exponential growth potential.

One such coin is Pepe Unchained ($PEPU), a meme coin that transcends conventional utility. It tackles two of the most significant pain points in the current crypto landscape: transaction speeds and fees.

This liberated evolution of Pepe operates on its own Layer 2 chain, freeing itself from Ethereum’s shackles, offering lower fees and 100x faster transaction speeds.

It’s not just a meme coin, it’s a meme chain! This innovation has contributed to its instant success, raising almost $65 million in its presale so far!

Investors who passed thus far are already kicking themselves, especially as $PEPU itself offers a notable passive income opportunity, with a 56% APY. As altcoins suffer under recent volatility, early Pepe Unchained investors have been raking in consistent gains!

While it’s not too late yet, the opportunity is fleeting. With the presale nearing its end in just over 10 days, the window to take action is closing fast! If $PEPU can raise $65 million in its presale, who’s to say how far it may go when it hits the open market?

Join the Pepe Unchained community on X and Telegram to stay up to date on the latest announcements.