Solana’s price saw a strong recovery in 2023 as investors bought dips in the coin. SOL crypto price he surged to a high of $24.92, the highest since November 9th. Soaring more than 196% from its 2023 low, making him one of the best performing cryptocurrencies on the market.
Solana ecosystem rebound
Solana’s price has shown a strong rebound in the past few weeks as the market bought the coin’s decline.as i wrote here, The coin crashed hard in November after being heavily exposed to FTX and Alameda Research. This coin was heavily influenced by two of his companies founded by Sam Bankman-Fried.
Solana also crashed as a major part of the ecosystem collapsed. A great example of this is Serum, his DeFi platform which is the largest in the ecosystem with a total value lock (TVL) of over $1.5 billion. Serum’s ecosystem collapsed after it was revealed that the private key was held by his FTX.
SOL price recovered modestly as investors bought dips. The trend has been fueled by macro conditions in the US, where inflation has fallen sharply over the past few weeks. Data released last month showed the country’s headline inflation rate fell to 6.5% from 7.1% in December.
Solana, on the other hand, DeFi The ecosystem has made some improvements. For example, Marinade Finance experienced a 40%+ spike in TVL in the last seven days. Similarly, Lido, Orca, Raydium, and Quarry all saw him rise in TVL by more than 42% over the same period. Orca has benefited from the popularity of Bonk, a Shiba Inu-themed token. The Orca token price is up over 143% from its December low.
Solana’s price has also skyrocketed due to the surge in NFTs within the ecosystem. Total sales in January were that’s all $87 million, the highest level since September. January isn’t over yet, so he could be over $141 million in September.
Solana Price Prediction
The daily chart shows that SOL has been in a strong bullish trend for the last few days. In the process, it broke above the 50-day and 100-day moving averages. It is also approaching the critical resistance level of $26, the lowest since June of last year.
Oscillators such as the Relative Strength Index (RSI) and Stochastic (SO) continue to rise. Therefore, we expect Solana to continue rising as buyers target the key resistance point of $35, which is about 50% higher than the current level.
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