Solana Price Prediction 2023: Can SOL Enter The Top 10 Biggest Cryptocurrencies?

• Solana’s price rallied in the market and recovered nearly 16% this week.
• Buyers turn aggressive after flipping $15 into support.
• Buyers are targeting $20 as the next target in January.

Solana Price (SOL) is showing bullish price action in the charts. The price of SOL continues to rise above the $10 ideological round level. This was the biggest achievement for Solana investors to maintain the positive momentum in the market.

Solana price signals a buy on the downside from its latest 52-week low at $8.0. The FTX collapse put the total crypto market capitalization at close to $800 billion. So far, Solana’s capitalization is said to be $6.25 billion, when the SOL token reaches a 30-day high.

Against the USDT pair, Solana price is trading at $16.9 mark at the time of writing. Amid higher-lows and higher-highs trend, buyers are aiming for $20 as a next target in January. Since last week, bulls have dominated the SOL’s trend and more buying opportunities are likely ahead. As a result, the 11th largest crypto recovered approximately 16% this week.

Amid the outperformance of Solana, buyers recovered nearly 70% in the past 13 days. Notably, vital volatility levels like $10 and $15 turned into the buyers’ hedge zone so this price rally hit $20 resistance soon. As well as, the 200 simple moving average is observing lower than Solana price in the context of daily price chart.

Apart from the hourly bullish trend, the price structure suggests an uptrend with consolidation before higher-highs. Thus, the crypto remains above the 20 and 50 EMAs at that point. Going forward, 100 EMA could act as a bullish hurdle.

Amidst a lower consolidation phase, the oversold RSI peak is hovering at 47, which could reach the 80 level before any bearish momentum. Besides, the MACD is more stretched in the positive zone.

Conclusion

Solana price has $3 left to add in costs to reach the next round level of $20. Traditional technical indicators provide support for sustaining higher momentum but the bulls must propel SOL above the weekly high.

Support level – $15 and $10

Resistance level – $20 and $30

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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