Solana price is attempting to make a comeback after it struggled in November. SOL has jumped to about $220, which is about 22% above the lowest level in November. It is still about 15% below its all-time high and its market capitalization has risen to more than $67 billion.
Solana is a blockchain smart contract platform that simply enables developers to build decentralized platforms. It has grown to become the second-biggest Ethereum-killer in the world after Binance Smart Chain.
In the past few months, the number of DeFi projects in the network has grown substantially. According to DeFi Llama, there are about 38 DeFi projects in its platform that have a total value locked of more than $14 billion. Still, this figure is significantly lower than that of Ethereum, whose apps have a total value locked of more than $180 billion.
Solana price struggled in November as part of the overall crypto sell-off. Indeed, other coins like Bitcoin and Ethereum also declined sharply in November. So, how will Solana trade in December?
Solana price prediction
Turning to the four-hour chart, we see that the SOL price found a strong support at about $185 in November. It struggled to move below this level several times during the month. Now, the coin has managed to move above the descending trendline that is shown in blue. Notably, the 25-day and 50-day moving averages (MA) have made a bullish crossover.
Therefore, I suspect that the Solana price will keep rising in December as the Santa Rally intensifies. If this happens, the next key resistance level to watch will be at about $250, which is about 15% above the current level.
