The price of Solana has increased to $23.60 today, representing a 1% gain in the last 24 hours. This movement has meant that it is also up 3.6% over the past fortnight and up an impressive 64% over the past 30 days, recouping many losses in the wake of the FTX bankruptcy.
Today’s increase also comes as Solana saw 24-hour trading volume exceed $700 million, a high that could signal further activity. And with SOL continuing to benefit from ongoing growth, along with the launch of Solana-based meme token BONK, the next few weeks could be another good period for altcoins.
Solana Price Prediction on $700M Trading Volume – Can SOL Back to $100?
SOL’s indicators show strong momentum, with its Relative Strength Index (purple) moving back towards 60 after a slight decline near 50. The sentiment of continued positive momentum is reinforced by the coin’s 30-day moving average (red), which is about to surpass its 200-day (blue), potentially forming a ‘golden cross’ that could lead to a breakout. may indicate.
Based on the recent movements, it seems like a resistance level for SOL is near $26. If it can definitively break above this level, it will reinforce suspicions that more sustained gains are also coming.
SOL is arguably due for a bigger rally, as it hasn’t really recovered from the post-FTX decline. In early November, it was priced around $36.72, yet the fact that FTX was a big supporter of SOL — and the fact that the Solana Foundation Nearly $200 million in cryptocurrency On FTX — This means that altcoins suffered more than others as a result of the bankruptcy of the exchange.
However, since November Solana has recovered quite well. The launch of the BONK (BONK) meme token at the end of December is probably the main reason why SOL has increased from $9.60 on December 30th to $24.30 by January 15th.
Bonk currently There are approximately 138,000 individual holders.with the rise of 127,000 on 28 December showing a steady if invisible accumulation of new converts. All this points to the increased use of Solana, which was one of the main ‘Ethereum killers’ before the November events.
Even in 2022, Solana faced several harmful hacks. That said, blockchain is Rolled out several updates in the second half of last yearPutting it on the path of recovery, as indicated by the recovery in the price of SOL.
Solana also claims to have one of the most active development communities in crypto, having seen an 83% increase in developers working on its protocol in the last year. Once again, all of this points to future growth and stability of the network and its native coin.
More recently, Solana has welcomed integration with the Brave web browser. This means Brave can be used to send and receive Solana-based tokens to and from its wallet, potentially opening up the Solana ecosystem for further adoption.
Taken together, such developments suggest that SOL has more than a few rallies ahead of it this year. At $23.60, it can be expected to pass $26 in the near term before regaining its price from the beginning of November until the middle of the year.
From there, a return to more bullish conditions in the market should mean that SOL could start hunting for $50, aided by more growth and increased adoption.
It is also worth noting that its all-time high remains at $259.96, which was reached back in November 2021. Therefore, it has plenty of room for growth, and increasing usage can only mean it will beat this price in the long term.
Is Now a Good Time to Buy Solana?
While SOL looks like it has a short-term rally on the horizon, it may not experience substantial gains until a return to more bullish conditions later in the year. However, there are other, newer coins on the market that show a lot of potential within the short- to medium-term. We review them in this list of the top 15 cryptocurrencies for 2023, as analyzed. crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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