Solana SOL’s live price today is $22.53, with a 3.67% drop in the past 24 hours. After the drop to $10.15 at the end of 2022, SOL began to rally again, trading at $11.37 on January 2, 2023. The asset currently ranks number 11 on CoinMarketCap’s crypto market list.
Irrespective of fluctuations, the digital asset maintained its value in the market. The technical analysis for this token will reveal its price performance and current trend.
Solana Price Action
Solana started the year modestly, trading at $9.98 on January 1, 2023. It increased to $11.27 on January 2 and traded at $24.25 on January 14, 2023. This price action confirmed that the asset was moving in an uptrend on the price chart.
However, February 2023 came with price fluctuations, with Solana struggling to break above the $25 price. Despite its current price slump, it is expected to rally again and gain more price momentum as the general crypto market recovers from the recent retracement.
SOL Technical Analysis
SOL is trading below its 200-day Simple Moving Average (SMA), signaling a bearish trend over the past seven days. Furthermore, SOL’s price is below its 50-day SMA, which correlates with the bearish pressure on the asset. It indicates a short and long-term bearish outlook on the daily charts. The token is currently in a downtrend and will likely continue its decline in the short term.
SOL’s Relative Strength Index (RSI) is at 47.84, close to the oversold region of 30. Further descent for the indicator is likely if the bears persist.
The Moving Average Convergence/Divergence (MACD) is below its signal line showing a bearish tendency. However, the histogram shows weak bars, which might signal a trend reversal to the upside for the asset.
The support levels are $21.47, $22.00, and $22.45; the resistance levels are $23.43, $23.97, and $24.42. SOL relies on the $22.45 support level to arrest a free fall in its price. However, if the bears push the price below this level, expect further decline. SOL will likely drop to the $22.00 support in the coming days before it might experience a price uptick.
SOL Price Prediction
SOLPrice Prediction 2023
SOL will likely keep a slow and steady rise in 2023. From its price performance, SOL could increase to $25.02 by March. Before the end of 2023, its minimum price could reach $30.74 with a maximum of $37.08. The trading price might increase to $31.89 if the bulls take over SOL’s market. But that will happen if SOL attracts more investors and traders in the crypto market.
SOL Price Prediction 2025
If the bulls can hold the market throughout 2024, SOL will increase its value in 2025. SOL will likely trade at an average price of $67.30 with minimum and maximum prices of $65.41 and $79.35. In the face of some fluctuations, in the long run, SOL could drop to trade at $48.91. But if it soars freely in the market, it will hold its trading price of $67.30 till the following year.
What is Solana (SOL)?
Solana is an open-source project with high functionality, banking on the permissionless nature of blockchain technology. The purpose of the network is to provide DeFi (decentralized finance) solutions. SOL officially debuted in March 2020. However, the initial idea for the project began in 2017.
Solana uses the unique Proof-of-History (PoH) Consensus Mechanism combined with the Proof-of-Stake mechanism to secure its network. It offers users short processing times for transactions (up to 50,000 transactions per second) and a smooth operation of smart contracts.
The Solana Network is recognized as a hub for NFTs and Web3 technology, and it also hosts Metaverse-based games, currently the rave of the moment.
Factors on The Solana Network That Might be Pushing Its Price
Solana is one of the most exciting crypto projects and has become a hub of creativity for Web3 innovations and NFT technology. Here are some notable trends that might affect its price.
Helium To Launch On Solana
📲 Telecom platform @helium is coming to @solana on March 27 !
Find out what you need to know about the migration of the Internet of Things L1 ecosystem 👀#CryptoNews #Cryptocurrencieshttps://t.co/N4OAqVZz4g
— Solana News ☀️ (@SolanaNews) February 23, 2023
Helium, a telecommunications network, will migrate its Layer 1 (L1) ecosystem to the Solana Blockchain by March 27, 2023. This partnership will tap into the Solana Network’s speed and scalability. The Helium network will focus on building wireless protocols and utility, making it a winning combination.
Helium is a decentralized blockchain-powered network that caters to Internet of Things (IoT) devices. It will create a wider fanbase for Solana and might help the price to rally again.
Solana Network Experiences Outage
The Solana Mainnet Beta suffered a significant drop in its performance on February 25, 2023. It led the validator community to call for a restart of the network. The cause of this outage remains unknown to date. The outage might have contributed to the current dip in the value of SOL tokens in the market.
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