News that Solana Labs 8, the company behind the development of the smart-contract-enabled, high-performance Solana blockchain, will launch its own crypto-integrated Android mobile phone.th May failed to promote solana (SOL) price on Friday.
After reaching new highs in the mid-$25s per token, the first of the session since mid-February. Fifth note of musical scale Last changing hands just above the $24 level, down a little over 1.0% on the day.
Solana’s Web3-centric mobile is called Saga and pre-ordered devices are already being shipped. The high specification phone will cost around $1,000 and the hardware will double as a wallet.
SOL pulls back after minor price correction Bitcoin And ether There was also a slight retreat from the multi-month highs from earlier in the session above the $31,000 and $2,100 levels, respectively.
Major cryptocurrencies performing well lately solana Still up over 14% this month and the likes of bitcoin and ether have also been posting impressive gains recently.
Friday’s pullback should thus be viewed as little more than some short-term profit-taking.
Price Prediction – Where’s Next for Solana (SOL)?
Despite still trading down almost 10% from the previous yearly high around $27, Solana’s The outlook is looking upbeat.
The cryptocurrency recently broke north of an important technical structure that has been in play since last August and also broke above a cloud of resistance in the form of its key moving averages, which currently sit in the $21-22 area.
If SOL can now break above the key long-term support-resistance area in the $26-27 area, a test of last September and November highs in the $39 area becomes a strong possibility, which would mark further 60% gains. current level.
If SOL/USD can move higher from here, a retest of last August’s high around $48 would be on the cards, marking a 25% potential gain.
Can Solana (SOL) Reach $1,000 in 2023?
It’s not just tech that’s looking good for the Solana.
While Solana Blockchain’s daily revenues remain slightly lower than their pre-FTX collapse levels, they remain at healthy levels, as do daily active user numbers.
As the broader crypto bull market continues, more and more users are likely to flock back to the network as demand for decentralized finance increases (DeFi) returns.
And, at this point, with both Bitcoin and Ethereum in the 70-80% zone for the year, most are expecting the crypto bull market to continue.
This is largely thanks to expectations that macro conditions will continue to become more favorable – US inflation continues to decline And the economy is slowing downThe risk of a recession later this year is increasing and its chances are increasing. The Fed will soon start an interest rate cut cycle,
If Solana were to break north of resistance around $48 in the coming months, it would open the door for a bullish move potentially towards $76, which would mark gains of more than 3x from current levels.
But will Solana be able to reach new all-time highs above $259 in 2023?
Can it reach $1,000 per coin this year?
Well, the first thing is that nothing is impossible in the cryptocurrency markets.
In less than a month from August to September 2021, Solana gained nearly 5x from $50 per token to nearly $215.
If Solana can match this pace of gains for the trailing three months, it could theoretically generate more than the 10 times gains needed to hit a new all-time high this year.
To reach $1,000 would require gains north of 40x from current levels.
Such a move should not be ruled out for years to come, especially if 1) Solana reclaims its position as a DeFi powerhouse among layer-1 blockchain protocols, 2) its mobile launch is a huge success. and 3) we see the likes of bitcoin reaching the mid-upper $100,000s and ether crossing $10,000.
But the bulls will need to be patient, as Solana can surely post nice exponential gains this year, 40x could be asking for a lot.
