Solana (SOL) shows significant spside potential in December, driven by recent technical patterns and market sentiment.
Technical analysis indicates that SOL has formed a classic cup-and-handle pattern, a strong bullish signal.
The current breakout could drive prices toward higher targets, with short-term goals set between $200 and $280.
As the Christmas holiday approaches, increased enthusiasm around meme coins may further boost demand for SOL.
On the monthly chart, SOL has broken through key resistance levels and entered a solid upward trend. Based on the depth of the cup-and-handle pattern, a target price of $300 appears reasonable and attractive.
While overall sentiment leans optimistic, there could be short-term pullback pressure, especially after rapid price increases.
Some investors are wary of potential overbought signals and the possibility of market corrections due to heightened volatility.
From a long-term perspective, SOL remains a noteworthy project. Its presence in the DeFi and NFT sectors, along with the growth of its broader ecosystem, makes it a strong candidate for long-term investment.
Current market conditions provide a solid foundation for holding SOL long-term, though investors should be prepared for short-term fluctuations.
In conclusion, December presents a promising month for SOL, with price targets ranging from $200 to $300.
However, investors should assess risks rationally and stay vigilant about market changes.
Ryan Lee, Chief Analyst at Bitget Research
