Over the last few weeks, the Solana (SOL) price has encountered numerous issues. Many investors’ trust has been rattled by the connection with Sam Bankman-Fried in specific. The SOL token has fallen out of the top ten cryptocurrencies in terms of market cap. Many investors remain cautiously optimistic about Solana’s potential. What is Solana price prediction for the end of 2022? Let’s take a look at it in more detail.
How has the SOL price changed in recent weeks?
Solana Price Prediction: SOL/USD Weekly chart showing the price – GoCharting
In recent weeks, the SOL price has moved in a relatively stable side-to-side pattern. To date, even so, this has only been the situation in November and December. Nevertheless, at the start of November, we saw a substantial price reduction. It was triggered by the collapse of the crypto exchange FTX. Solana was found to be very close to Sam Bankman-FTX Fried’s and Alameda Research.
The price then dropped from $36 to $12.60, losing nearly two-thirds of its value in October. So far, the price has not been able to rebound more powerfully. Other coins actually rose during this period. Good developments have surfaced in recent days attempting to point to a better Solana prediction for the end of 2022.
Can Solana overcome the price drop?
Solana was the hardest hit by the FTX downturn. Solana was still in the top ten cryptocurrencies by market cap before the crash, and it commonly competed with Cardano. Solana is still in 14th place after the collision. After all course, this implies that the cryptocurrency is losing value and confidence in the short term. Many investors only think about the top 10, and Solana may run out of steam in the medium term.
However, recovery is highly possible. The Solana blockchain’s underlying structure is still extremely efficient, and using the blockchain is an ideal buy for decentralized applications that need to scale quickly. Moreover, the management of the FTX crisis by US officials could provide additional assurance that Solana is not participating in similar procedures to FTX.
What is the price of Solana expected to be at the end of 2022?
The end of 2022 could usher in a new bullish process. Lately, the Bitcoin price outshone the $18,000 mark. Bitcoin has a clear route to $20,000 by the end of the year. In recent days, the price of Solana has soared from $12.95 to $14.78.
The SOL price is expected to rise slightly in the coming weeks, improving the Solana prediction. If the Bitcoin price level rises above $20,000, the Solana price may also increase sharply.
How high can the Solana price go?
If the Bitcoin price and thus the overall market continues to rise, the Solana price may increase even further. If we assume that the Bitcoin price can climb from $17,600 to $20,000 (an increase of about 15%), the SOL price could increase by 10 to 20%.
A sideways movement in the final weeks of the year is also possible. We are not currently seeing a bigger drop. To achieve this, the Bitcoin price would have to drop once more. As a result, we predict a Solana prediction of $14 to $18 by the end of 2022.
Is it worth investing in the SOL token now?
Solana has been reprimanded since the FTX collapse. Several network collapses with a high transaction load at the end of 2021. The SOL has long been viewed as more dicey than other cryptocurrencies. Even so, the FTX collapse could be a wonderful opportunity, particularly with Solana.
Solana’s total implosion did not take place. If trust in the network returns, the price may come back to historical levels. As a result, the risk may be beneficial, particularly now.
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Source: https://cryptoticker.io/en/solana-price-prediction-sol-price-rise/