Solana enjoys a positive start to 2023 after spending most of 2022 in decline due to the crypto season. also, SOL light for FTX causing the price to drop rapidly FTX saga in November 2022.
SOL has also been a beneficiary of crypto the market is up while continuing to climb back to the top. Although still very high (ATH) value, has shown positive signs in 2023.
What’s Driving Solana’s Price Increase?
Solana has launched a series of innovative projects that have increased interest in the crypto community. SolanaMobile announced in Twitter plans to open a stack of Solana Mobile and Saga phones. This mobile device aims to provide easy access to the blockchain. They guarantee the availability of users for the beginning of 2023.
Also, Solana offers its users a smooth payment protocol launched in February 2022. Brands such as @FastAF and @ASICSamerica, use this innovation. The payment channel allows merchants to interact on a secure blockchain and process payments efficiently.
In addition, the Solana network has become a hub developer as 2053 active developers working on the blockchain in December 2022. These developers take advantage of the network’s unique proof-of-history mechanism to develop innovative apps on the network.
The network is proud to be neutral carbon because it doesn’t rely on energy-intensive methods like proof of work. This means that the project is in line with environmental goals. The SOL network is also moving forward with the advancement of Web3 Bold. Solana is integrated into the Brave browser, making it easier for more people to join the Web3 trend.
These factors, and more macroeconomic factors such as the decrease in inflation, has helped the price improvement recorded in SOL. Investors will hope that the rally continues without setbacks from external factors.
Solana price prediction
Solana is currently trading at $23.18 on the crypto market. On the price chart, more green candlesticks indicate bullish momentum. SOL is trading above 50 days Simple Moving Average (SMA) and below 200 days (SMA). This pattern suggests the rally may not last long. However, the SOL is close to the 200-day SMA and is likely to surpass it in the coming days.
At level of support are $20.53, $21.57, and $22.58. Resistance levels are $24.64, $25.68, and $26.69. Solana is currently testing the $24.63 level, with a slight retracement of the uptrend. Relative Strength Index (RSI) is in the overbought zone at 79.29; The RSI may reverse and fall into the neutral zone.
The Moving Average Convergence/Divergence (MACD) is now above the signal line and indicates a bullish signal. Solana is likely to continue to rise in the coming days.
Investors should remember that if an altcoin loses half its value (50%), it must accumulate 100% to return to its value. Such a rally can be challenging. Volatility is also an important factor to consider when investing in altcoin or cryptocurrency.
Option images from Pixabay and charts from TradingView.com