Solana (SOL) Continues To Shine With 43% Gains In Last Week

Solana is having fun with a positive begin to 2023 after spending most of 2022 in decline attributable to the crypto winter. Also, SOL’s exposure to FTX caused its price to say no rapidly following the FTX saga in November 2022.

SOL has also been a beneficiary of the crypto market upturn because it continues its climb back to the highest. Even though it remains to be off its all-time high  (ATH) value, it has shown positive signs in 2023.

What Is Driving The Solana Price Increase? 

Solana has launched a series of modern projects which have increased interest among the many crypto community. SolanaMobile announced on Twitter its plans to unveil the Solana Mobile stack and Saga phones. This mobile device intends to offer users with quick access to the blockchain. They assured their users of its availability for early 2023.

Also, Solana offers its users a seamless payment protocol launched in February 2022. Brands similar to @FastAF and @ASICSamerica, use this innovation. The payment channel allows merchants to interact on a secure blockchain and process payments efficiently.

Furthermore, the Solana network has change into a developer’s hub as 2053 energetic developers worked on the blockchain in December 2022. These developers reap the benefits of the network’s unique proof-of-history mechanism to develop modern apps on the network.

The network prides itself on being carbon neutral because it doesn’t depend on energy-intensive methods like proof-of-work. It signifies that the project aligns with environmental goals. The SOL network also progressed with Web3 advancement teaming up with Brave. Solana was integrated into the Brave browser, making it easier for more people to take part in the Web3 trend. 

These aspects, and other macroeconomic aspects similar to inflation decline, have aided the value improvement noted in SOL. Investors will hope that the rally continues with none setbacks from external aspects.

SOL’s price is currently hovering around $23.18 within the every day chart. | Source: SOLUSD price chart from TradingView.com

Solana Price Prediction

Solana is currently trading at $23.18 within the crypto market. On the value charts, more green candlesticks are showing increased bullish momentum. SOL trades above its 50-day Easy Moving Average (SMA) and below its 200-day (SMA). This pattern suggests the rally is likely to be short live. Nonetheless, SOL is near its 200-day SMA and can likely surpass it in the approaching days.

The support levels are $20.53, $21.57, and $22.58. The resistance levels are $24.64, $25.68, and $26.69. Solana is currently testing the $24.63 level, with a slight pullback present in its uptrend. The Relative Strength Index (RSI) is within the overbought zone at 79.29; the RSI might retrace and fall into the neutral zone.

The Moving Average Convergence/Divergence (MACD) is currently above its signal line and showing a bullish signal. Solana will likely proceed its rise in the approaching days.

Investors should do not forget that if an altcoin loses half its value (50%), it would should rally 100% to return to that value. Such a rally is likely to be difficult. Volatility can also be an important factor to contemplate when investing in altcoins or any cryptocurrency.

Featured image from Pixabay and chart from TradingView.com

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