Solana SMASHING through 2023, up 40%! Will Solana price go up?

While most cryptocurrencies started 2023 on a consolidated note, Solana prices soared by more than 40%. Most crypto analysts predict that the first two quarters of 2023 will continue to be bearish. However, things are looking currently different for Solana. Will Solana price go up in 2023? Should you buy Solana today? Let’s analyze in this Solana price prediction 2023.

What is Solana (2023)?

Decentralized blockchain platform Solana intends to offer decentralized apps (dApps) and smart contracts with quick, safe, and scalable infrastructure. It is appropriate for high-throughput applications like decentralized exchanges, gambling, and prediction markets since it was built to process thousands of transactions per second at minimal costs. Solana’s network is secured via the proof-of-stake (PoS) consensus mechanism, which allows network users (also known as “validators”) to receive rewards for validating transactions and adding them to the blockchain.

Solana

How did Solana Price Perform in 2022?

In 2022, Solana (SOL) price saw heavy losses mainly due to the bear marketThese losses were particularly evident in the first half of the year. In the summer and beyond, prices on the market stabilized. There were many short-term crashes in the second half of 2022.

SOL course 1 year
Solana (SOL) price in the last 12 months, source: gocharting.com

The FTX crash massively damaged the SOL token at the beginning of November. Because Solana had some involvements with the companies of Sam Bankman-Fried (SBF), FTX and Alameda Research. This caused the SOL course to crash by over 60 percent. In the last few weeks it has stabilized at a low level. Nevertheless, the SOL token fell out of the top 15 cryptocurrencies. 

Why is Solana Price UP 40%?

In the last few days, the SOL token has seen a strong price increase again, which improves the forecast for 2023. The main reason was the launch of a new meme coin by Solana called BONK. This new meme coin saw within 1,300 percent over the past few days.