The Solana price has risen to $23.60 today, representing a 1% gain in the past 24 hours. This movement means it also has increased by 3.6% in the past fortnight and by an impressive 64% in the last 30 days, with the compensating for many of the losses it suffered in the wake of the FTX bankruptcy.
Today’s rise also comes on the back of Solana’s 24-hour trading volume passing $700 million, an elevated level that could indicate further movements. And with SOL continuing to benefit from the launch of Solana-based meme token BONK, as well as ongoing development, the next few weeks could be another good period for the altcoin.
Solana Price Prediction as $700 Million Trading Volume Comes In – Can SOL Recover to $100?
SOL’s indicators show strong momentum, with its relative strength index (purple) rising back towards 60 after a slight dip near to 50. The sense of continued positive momentum is reinforced by the coin’s 30-day moving average (red), which is about to overtake its 200-day (blue), potentially forming a ‘golden cross’ that could signal a breakout.
Based on recent movements, it seems that SOL’s resistance level is somewhere at around $26. If it could definitively break through this level, it would reinforce the suspicion that more sustained gains are also in the offing.
SOL is arguably due a major rally, since it hasn’t actually recovered from its post-FTX fall. Back at the start of November, it was priced at around $36.72, yet the fact that FTX had been a big supporter of SOL — and the fact that the Solana Foundation had around $200 million in cryptocurrencies on FTX — meant that the altcoin suffered more than others as a result of the exchange’s bankruptcy.
However, since November Solana has managed to recover pretty well. The launch of the Bonk (BONK) meme token in late December is possibly the main reason for this, with SOL rising from $9.60 on December 30 to $24.30 by January 15.
Bonk currently has around 138,000 individual holders, with its rise from 127,000 on December 28 showing a steady if unspectacular accumulation of new converts. This all points to rising usage of Solana, which had been one of the main ‘Ethereum killers’ prior to November’s events.
2022 also saw Solana hit by a variety of damaging hacks. That said, the blockchain has rolled out a number of updates in the second half of last year, putting it on the road to recovery, as indicated by the recovery in SOL’s price.
Solana also lays claim to one of the most active development communities in the crypto, with last year witnessing an 83% increase in developers working on its protocol. Again, this all points to future growth and stability for the network, as well as for its native token.
More recently, Solana has welcomed an integration with the Brave web browser. This means Brave can be used to send Solana-based tokens to and from its wallet, something which potentially opens up the Solana ecosystem to further adoption.
Taken together, such developments suggest that SOL has more than a few rallies in store this year. At $23.60, it can be expected to pass $26 in the near term, before regaining its price from early November by the middle of the year.
From there, a return to more bullish conditions in the market should mean that SOL can begin to hunt down $50, aided by more development and more adoption.
It’s also worth pointing out that its all-time high remains $259.96, set back in November 2021. As such, it has plenty of space left to rise, and growing usage can only mean in the longer term that it will beat this price.
Buy Solana Now
Is Now A Good Time to Buy Solana?
While SOL looks as though it has a short-term rally on the horizon, it may not experience substantial gains until the return of more bullish conditions later in the year. However, there are other, newer coins in the market that do show very high potential within the short-to-medium term. We’ve reviewed them in this list of the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.