Solana (SOL) is trading at $31, up 213% since the start of the year, better than Bitcoin’s 87% and Ethereum’s 42%. SOL’s price growth is likely to extend into next year, keeping the crypto’s rally going higher. The technical set up suggests that the Layer 1 token could reach $100 going into the new year.
It should be remembered that Solana was among the cryptos that was most affected by the FTX collapse and its subsequent filing for Chapter 11 Bankruptcy protection. But SOL has staged one of the most amazing comebacks considering its year-to-date returns for the year 2023 overshadow those of most top 10 cryptos in the market.
Even though most crypto analysts believe Solana’s life hangs on the balance due to the ongoing proceedings in the Sam Bankman-Fried’s case, the price action suggests otherwise.
Solana Price Could Reach $100 in 2023
One of the most compelling reasons to believe that Solana is on track to become the best performer for 2023 is how the crypto has performed in the recent past. SOLhas leaped from $10 to $30 in the last 10 months. It has rallied 41% in the past seven days, 60% over the last month and 41% over the last six months. The Ethereum killer has yielded a return of over 10% over the last 24 hours alone.
After spending nearly a year below the $25 resistance level, SOL has finally shattered this hurdle, displaying the ability of the buyers to sustain higher levels. For the current recovery to be sustained, Solana must produce a daily candlestick close above another major resistance sitting around the $35 level.
Such a move would open the door for a rise to $40, bringing the gains to 29%. A rise above this level is key to kickstarting a move to $50 and later doubling that to $100.
SOL/USD Daily Chart
This positive outlook was supported by the position of the Relative Strength Index (RSI) in the overbought region. The price strength at 83 suggested that SOL was firmly in the hands of the buyers.
Additionally, the “Ethereum killer” was trading above all the major moving averages (MAs) which provided formidable support on the downside. Note that these MAs had sent a call to buy Solana on the daily chart. This was in the form of a golden cross that took place on Oct 20 when the 50-day Exponential Moving Average (EMA) crossed above the 200-day EMA. This indicated the strength of the uptrend.
On the other hand, if the price of the altcoin breaches the key low of $21, it would create a lower low and invalidate the bullish thesis. In such a case, SOL could revisit the V-shape’s bottom at $17.35.
The post Solana Price Prediction: SOL is the 2023 Best Performer, Up 200% YTD appeared first on Analytics Insight.
Source: https://www.analyticsinsight.net/solana-price-prediction-sol-is-the-2023-best-performer-up-200-ytd/