Year-to-date, Solana (SOL) has seen a remarkable price increase of 117%. It has even surpassed its previous all-time high. Investors are now looking ahead to December 2024, hoping for more gains.

The potential for these gains depends on a few key factors. In this analysis, we’ll explore some of these elements and what analysts are saying about Solana’s future.

Despite a recent decline in sentiment around Solana, analysts remain optimistic. The price surge this year has kept social dominance at a strong level. This means discussions about Solana are still robust compared to other top cryptocurrencies. Currently, Solana's social dominance sits at 6.09%. This shows there’s significant interest and active conversation about the asset. This increase might be linked to the price movements of SOL and the lively meme coin activity on its blockchain. If this trend continues, the December 2024 prediction for Solana could be quite positive.

Looking at SOL’s outlook, Brian Quinlivan, Lead Analyst at Santiment, points out that the declining sentiment could greatly impact its performance in December. Interestingly, he sees trader skepticism as a potential silver lining. It might actually set the stage for a rebound. However, he stresses that SOL’s ability to rally will depend on Bitcoin maintaining a price of at least $96,000. Quinlivan stated, “Traders were already showing some disbelief when the asset topped out last week. Now, with a pullback below $240, sentiment is in the bottom 10% range compared to the last three months. This could be a good sign for a swift rebound if Bitcoin stabilizes and stays in the $94,000 to $96,000 range this week.”

If this happens, it aligns with Raoul Pal’s prediction that SOL could soon reach a new all-time high. Crypto analyst Rekt Capital shares this view, suggesting that SOL might achieve new heights. Rekt Capital noted, “Solana has performed a historic Weekly Close. For the first time, SOL has closed above the $250 major resistance. If SOL confirms $250 as new support, it would indicate a breakout into new All-Time Highs. A historic retest is underway.”

On the daily chart, SOL has formed a bull flag pattern. This suggests that the December 2024 prediction for Solana could reflect a higher value. A bull flag is a bullish chart pattern consisting of two rallies separated by a brief consolidation phase. It starts with a steep price surge, known as the “flagpole,” where buyers dominate sellers. This is followed by a pullback, forming the “flag” with parallel upper and lower trendlines. This signals a pause before the next upward move. With this technical pattern in place, Solana’s price could aim for $300 this month. However, if Bitcoin fails to stay above $94,000, reaching this target might be challenging, potentially leading SOL to drop to $214.99.