The crypto market is finally showing signs of a comeback. Most cryptos are up by an average of more than 15% in the past 7 days. Solana specifically was among the top performers, as SOL prices are up by more than 35% during that same timeframe. How high will Solana reach? Is it a good idea to buy Solana now? Let’s analyze in this Solana prediction 2023.
What is Solana 2023?
Decentralized blockchain platform Solana intends to offer decentralized apps (dApps) and smart contracts with quick, safe, and scalable infrastructure. It is appropriate for high-throughput applications like decentralized exchanges, gambling, and prediction markets since it was built to process thousands of transactions per second at minimal costs. Solana’s network is secured via the proof-of-stake (PoS) consensus mechanism, which allows network users (also known as “validators”) to receive rewards for validating transactions and adding them to the blockchain.
How did Solana Price Perform in 2022?
In 2022, Solana (SOL) price saw heavy losses mainly due to the bear market. These losses were particularly evident in the first half of the year. In the summer and beyond, prices on the market stabilized. There were many short-term crashes in the second half of 2022.
The FTX crash massively damaged the SOL token at the beginning of November. Because Solana had some involvements with the companies of Sam Bankman-Fried (SBF), FTX and Alameda Research. This caused the SOL course to crash by over 60 percent. In the last few weeks it has stabilized at a low level. Nevertheless, the SOL token fell out of the top 15 cryptocurrencies.
Why is Solana Price UP 35%?
After a consolidation that extended around 6 months, crypto prices started to show positive returns again. Solana specifically grew from a price of $12 and reached the current price of $23. Solana is up because the technical prices of cryptos reached a very strong support area. After the consolidation came the strong price increase, which is often the case. This is specifically true as the end of the year is often slow in the investment world. People are enjoying their holidays while companies are busy closing the year.
Solana Price Prediction: How High will Solana reach?
Seeing how Solana prices increased in the past week, it might be a good idea to understand how Solana prices will continue. An option for prices would be to adjust lower, in which case buying at the current price is not recommended.
Current recommended buy area: $17 – $20
If prices continue to reach higher, we will see Solana in the area between $27 and $30. This would be another good entry price. However, it is also important to set a stop-loss trigger right below to hedge falling prices. The area between $27 and $30 represented a strong support previously, and might act as a resistance now.
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