Year-to-date (YTD), the price of Solana (SOL) has increased by 117% and has broken its previous all-time high. Despite that, investors will be hoping that the December 2024 Solana prediction will bring in more gains.

Whether that will happen depends on several factors. In this analysis, BeInCrypto examines some of these factors and what analysts say about the altcoin’s potential.

Sentiment Around Solana Declines, but Analysts Remain Optimistic

Solana’s price increase this year has ensured that social dominance remains at a relatively good level. Social dominance refers to the level of discussions around a cryptocurrency compared to other assets in the top 100.

A rise in social dominance indicates heightened discussion around an asset, while a decline suggests the market’s focus has shifted to other cryptocurrencies. According to Santiment, Solana’s social dominance currently stands at 6.09%, reflecting significant interest and active conversations about the asset.

This increase could be linked to SOL’s price action and the thriving meme coin activity on the blockchain. If sustained, then the December 2024 Solana prediction could be bullish. 

Regarding SOL’s outlook, Brian Quinlivan, Lead Analyst at Santiment, suggests that the cryptocurrency’s declining sentiment could significantly influence its performance in December. 

Interestingly, Quinlivan views trader skepticism as a potential positive, noting that it might set the stage for a rebound. However, he emphasized that SOL’s ability to rally would depend on Bitcoin maintaining a price of at least $96,000.

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Author: Victor Olanrewaju