Crypto Price Prediction: While the broader market sentiment remains uncertain, the Christmas holiday has brought additional inflow in several altcoins, offering new entry opportunities.
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
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<!-- adClient.showBannerAd({ adUnitId: "856eec25-5bac-4623-9cc6-5827ff47c238", containerId: "market-banner-ad-mobile" }); -->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.
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The Moving Average Convergence Divergence (MACD) indicator reveals a strong buying momentum, further affirming the bullish sentiment in the market.
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- Source: https://coingape.com/markets/crypto-price-prediction-today-december-25th-op-near-sol/
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