Crypto Price Prediction: On the Christmas holiday, December 25th, the crypto market exhibited a sideways movement overall. Despite this general trend, a select few altcoins have seen a significant influx of investment. Notably, tokens like Optimism (OP), Near Protocol (NEAR), and Solana (SOL) have shown remarkable resilience and recovery, bucking the broader market’s correction trend
The global cryptocurrency market cap currently stands at $1.66 trillion, marking a decline of 0.96% over the last day. Meanwhile, the total market volume over the past 24 hours is $60.8 billion, representing an increase of 10.12%.
Adding to the market dynamics, the US Securities and Exchange Commission (SEC) has recently made a significant move concerning Bitcoin Spot Exchange-Traded Funds (ETFs). After a prolonged period of deliberation, the SEC has instructed applicants for a Bitcoin Spot ETF to finalize their applications by December 29, 2023. This directive from the SEC is fueling optimism in the market, as it indicates a potential forthcoming approval of these long-awaited financial products.
Also Read: Bitcoin Price Stagnates, Altcoins Rally On Christmas: Is A Santa Claus Rally In Effect?
Optimism (OP) Price Sees Robust Growth Amid Market Volatility
In a remarkable defiance of current market uncertainties, the Optimism (OP) coin has exhibited a vigorous recovery in the latter part of December. The coin’s value soared from a modest $2 to an impressive $3.4, marking a 70% increase within a week.
This surge is likely a response to the growing network engagement, as reported by on-chain data provider Intotheblock. A notable increase in active addresses – soaring from 1.2 million in January to over 5.9 million recently – underscores a 391% growth, reflecting heightened user involvement and adoption.
This spike in engagement, coupled with the coin’s upward trajectory, signals a robust and sustained recovery. At present, the OP coin is trading at $3.41. Despite a minor intraday setback of 4.35%, the coin is positioned to retest its recent support level at $3.29. Should it maintain this level, we anticipate a potential 25% increase in value, potentially reaching $4.25.
The Bollinger Band indicator suggests an assertive buying trend, further solidifying the coin’s bullish outlook
Near Protocol (NEAR) Price Gains Momentum Amidst $4 Breakout
The Near Protocol price has experienced a significant uptick in demand since mid-December. From a base of $2.1, the coin has surged by approximately 48%, now trading at around $4.1.
This rally, accompanied by a rise in trading volume and open interest, indicates a sustainable growth trajectory. A decisive bullish breakout on December 21st breached a key resistance level, paving the way for an extended rally.
The coin, currently experiencing a 5.8% intraday gain, is on the verge of reclaiming the critical $4 mark. If this bullish momentum continues, the coin could encounter its next major resistance at $5.2, representing a potential 30% growth.
However, any bearish correction may find support along an ascending trendline that has been a reliable ally for buyers.
The Average Directional Index, currently at 41%, suggests a potential buyer exhaustion, hinting at a minor pullback necessary to maintain a long-term bullish trend.
Solana (SOL) Price Poised for Minor Correction Before Next Leap
Over the last four months, the Solana (SOL) price has seen a dramatic recovery, marked by a parabolic rise from $17.7 to approximately $113 – a 540% increase. This rally has propelled SOL past XRP and BNB, making it the 4th largest cryptocurrency by market cap, currently valued at $47.5 billion.
Key drivers of this growth include increased active user base, whale activity, and popularity of Solana-centric products like the Saga smartphone and its meme coin, BONK. Recently, SOL reclaimed the significant $100 level, setting the stage for further appreciation.
As of now, SOL is trading at $110.2, with a slight intraday loss of 1.5%. The current market dynamics indicate a potential temporary correction, possibly retesting the $100 level for sustainability. For buyers, this presents a strategic entry point before the next upward movement.
The Moving Average Convergence Divergence (MACD) indicator reveals a strong buying momentum, further affirming the bullish sentiment in the market.
