Solana (SOL) Price Movement
Ethereum Layer-1 competitor Solana (SOL) has experienced some price volatility this week, fluctuating between $60 and $65. Despite a 7% dip earlier in the week, the Solana (SOL) price has rebounded, currently showing a 6.5% increase and trading at $64.28 levels.
Solana Co-Founder Discusses Astounding Recovery and Saga Phone
In a recent podcast episode with Unchained, Solana Labs co-founder Anatoly Yakovenko discussed various topics, including the repercussions of FTX’s collapse, his impressions of Sam Bankman-Fried, SEC’s classification of SOL as a security, entrepreneurs leaving the U.S. due to regulatory risks, SOL’s position in the stablecoin market, and the future of finance on platforms like Solana.
Addressing inquiries about the SEC’s classification, Anatoly clarified that the accusation did not involve Solana Labs, the foundation, or himself. The focus was solely on the exchange. He emphasized the need to wait for a potential resolution, suggesting that Congress might play a role in untangling the situation.
Yakovenko also revealed that the Solana Saga phone has sold only 2,200 units to date. To build a stronger user base, he highlighted the necessity for higher sales, aiming for 25,000 to 50,000 units. Discussions within the company include potential initiatives such as launching new models, improving applications, and introducing store discounts.
SOL Price Projection for December 2023
Analysts project an average SOL rate of $67.26 by the end of December 2023, with a potential price range between $60.63 and $73.88 during this period.
The mid-December outlook suggests a bullish phase for SOL, anticipating a surge in the range of 7-11%. On December 15, SOL is expected to be trading at $67.88, maintaining its position within the same trading range in the days surrounding this date.
With a solid support level at $60 and a persistent buy signal from the Moving Average Convergence Divergence (MACD), Solana is poised for an upward trajectory. Traders should prepare for an increase in exposure to SOL.
Investors should exercise prudence, considering the possibility that Solana might explore lower levels to acquire fresh liquidity, supported by the 50 Exponential Moving Average (EMA) in red, positioned at $58.41, likely to absorb any selling pressure during this process.
