Solana price achieved an unexpected week-long rally, causing it to significantly outperform almost all other cryptocurrencies. As the price of the centralized smart contract token stabilizes, investors are showing interest in how high it can go.
In the first week of 2023, the price of Solana (SOL) skyrocketed in value, from $9.7 to $17.50. As a result, the trading volume in SOL has increased and wallet investor predicts that SOL will reach new highs in 2023.
The current price of Solana, as reported by CoinMarketCap, is $15.87. The value has decreased by 0.50% in the last 24 hours. There are currently 370,184,196 SOL in circulation, giving it a market capitalization. of $5,915,802,434 and a position in the top 12 of CoinMarketCap rankings.
SOL dominates the market
In the weeks after the FTX crash, the SOL price had taken numerous hits, eventually falling into single digits for the first time in two years. However, Solana beat the market by coming back from the dead and seeing prices rise again.
With daily volume close to its average of $6 million, the SOL price has settled into the upper limits of the new rally. This indication is bullish, as buying and selling have not grown in a bearish direction yet. As a result of these considerations, the next upside target is the $20 level, as it touched $17.50, which is 30% up from the current level. price.
The historical correlation between an overbought RSI and buyer exhaustion has led many traditional investors to view an overbought RSI as a likely sell signal. So, in order to get the RSI back below 69, the price of SOL may go through a correction or sideways consolidation phase.
Messari describes Solana’s growth factors
a recent cheep by Vitalik Buterin and enthusiasm for the Bonk (BONK) protocol meme coin are just two of many variables that have contributed to the rise of SOL, according to cryptanalysis service Messari. And when more people buy than sell, the value of the digital currency increases.
Despite its increasing volume of transactions, SOL’s declining gas tariffs were cited by Messari senior analyst Tom Dunleavy as one of the two most likely fundamentals driving the coin’s continued growth.
According to the to update Released by Messari, the protocol no longer appears to be facing the outages it had been experiencing.
The price of the native Solana coin fell last year due to a couple of factors, including multiple network outages and the harsh crypto winter. The downtime was bad enough that Cardano founder, the outspoken Charles Hoskinson, publicly criticized the protocol.
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