Solana Price Prediction: $700 Million Trading Volume – Can SOL Recover up to $100?
Today’s Solana price is $23.60, a 1% increase in the last 24 hours. It has also increased by 3.6% over the past fortnight, and an impressive 64% over the last 30 days. This is in part to compensate for the many losses it sustained in the wake of FTX bankruptcy.
Today’s rise is also due to Solana’s 24 hour trading volume exceeding $700 million. This could signal further movements. The launch of the Solana-based me token BONK by SOL and ongoing development could continue to help SOL. This could make the next few weeks a good time for altcoin.
Solana Price Prediction: $700 Million Trading Volume – Can SOL Recover up to $100?
SOL’s indicators indicate strong momentum. The relative strength index (purple), has risen back to 60 after a slight dip close to 50. The coin’s 30-day moving mean (red) is about to surpass its 200-day (blue). This could form a ‘golden crossing’ that could signal a breakout.
According to recent movements, SOL’s resistance level seems to be around $26. It would be a confirmation that it can break through this resistance level.
SOL is due a major rally since it hasn’t recovered from its post-FTX falls. It was trading at $36.72 at the beginning of November. However, the fact that FTX was a strong supporter of SOL and that the Solana Foundation had approximately $200 million in cryptocurrencies on FTX meant that the altcoin suffered more from the bankruptcy.
Solana has done well since November. This may be due to the launch of Bonk (BONK), a meme token. SOL rose from $9.60 on Dec 30 to $24.30 in January 2015.
Bonk is currently There are approximately 138,000 holdersWith its rise from 127,000 December 28 A steady, if not spectacular, accumulation of new converts. All this points to an increase in Solana usage, which was one of the major ‘Ethereum killers” prior to November’s events.
Solana was also affected by several damaging hacks in 2022. The blockchain has released a few updates in the second quarter of 2018, putting it on track for recovery as shown by the recovery of SOL’s price.
Solana is also home to one of the largest crypto development communities, with 83% more developers working on its protocol last year. This all points to the future stability and growth of the network as well as its native token.
Recently, Solana welcomed integration with Brave’s web browser. Brave can now be used to send Solana tokens to its wallet. This could potentially open up the Solana ecosystem for further adoption.
These developments, taken together, suggest that SOL may have more rallies this year than just a few. It can be expected that it will surpass $26 at $23.60 in the near-term, before recovering its price by mid-year.
SOL should then be able to start to hunt for $50 if the market returns to bullish conditions. This will be helped by more development and adoption.
It is also important to note that the record high for this item is still $259.96. This was set in November 2021. It has plenty of room to grow, and increasing usage can only be interpreted as a longer-term increase in its price.
Buy Solana Now
Is it a good time to buy solana now?
SOL appears to be on the verge of a short-term rally, but it could not see significant gains until bullish conditions return later in the year. There are many other coins on the market with very high potential in the short-to medium term. These are the top 15 cryptocurrency for 2023 as determined by The Analysis Team. CryptoNews Industry Talk team.
This list is updated every week with new altcoins or ICO projects.
Disclaimer: The Industry Talk section contains insights from crypto industry players, and is not part of Cryptonews.com’s editorial content.