Solana’s price has achieved an unexpected week-long rally, causing it to significantly outperform just about all other cryptocurrencies. As the worth of the centralized smart contract token stabilizes, investors are showing interest in how high it may possibly go.
In the primary week of 2023, the worth of Solana (SOL) soared in value, going from $9.7 to $17.50. Consequently, trade volume in SOL has increased, and Wallet Investor predicts that SOL will hit latest highs in 2023.
The present Solana price, as reported by CoinMarketCap, is $15.87. The worth has decreased by 0.50% over the past 24 hours. There are currently 370,184,196 SOL in circulation, which supplies it a market cap of $5,915,802,434 and a position in the highest 12 of CoinMarketCap’s rankings.
SOL Dominates The Market
Within the weeks following the FTX crash, the worth of SOL had taken quite a few beatings, eventually falling to single-digit values for the primary time in two years. Nevertheless, Solana beat the market by getting back from the dead and seeing a price hike again.
With every day volume near its average of $6 million, the worth of SOL has settled at the brand new rally’s top boundaries. This indication is bullish, as buying and selling haven’t yet grown in a bearish direction. Consequently of those considerations, the subsequent bullish goal is the $20 level, because it touched $17.50, representing a 30% increase from the present price.
The historical correlation between an overbought RSI and buyer exhaustion has led many traditional investors to view an overbought RSI as a probable sell signal. So, to get the RSI back below 69, the worth of SOL may undergo a correction or a sideways consolidation phase.
SOL pumping it out, 5-day chart | Source: SOLUSD on TradingView.com
Messari Outlines Solana’s Growth Aspects
A recent tweet from Vitalik Buterin and the passion within the protocol’s meme coin Bonk (BONK) are only two of the various variables which have contributed to the rise of SOL, based on crypto analytics service Messari. And when more individuals buy than sell, the worth of digital currency increases.
Despite its rising transaction volume, SOL’s declining gas fees were cited by Messari’s senior analyst Tom Dunleavy as one among the 2 probably fundamentals fueling the coin’s continuous growth.
In response to the update released by Messari, the protocol not appears to be facing the outages it had been experiencing.
The value of Solana’s native coin dropped last 12 months on account of a pair of things, including multiple network disruptions and the cruel crypto winter. The downtime was bad enough to get Cardano’s founder, the outspoken Charles Hoskinson, to criticize the protocol publicly.
Featured Image From Changelly, Charts From TradingView.com