2023 has the potential to be a very good year for cryptocurrencies.
The Solana (SOL) price has recovered in recent weeks. Solana was on the top list of fastest-growing cryptocurrencies. After a massive loss of over 60% following the FTX crash, the price was able to rally above the $20 mark once again.
The price of the Solana has risen dramatically in recent days. The value of the SOL token increased from less than $10, to $23 dollars in the first two weeks of the year. In just a few days, the price had risen more than twice its value.
Previously, Solana’s value plummeted after the FTX crash, when it fell more than 60%, from $36 to $12. Solana had strong ties to failed FTX CEO Sam Bankman-Fried and his companies FTX and Alameda Research, resulting in losses. As a result, trust in the network suffered greatly.
Solana was widely regarded as a network fraught with uncertainty. Even when Solana was attracting a lot of attention, there were always network failures with a high transaction load. This is why the loss of confidence was so drastic in November, and the price of Solana fell so sharply.
Just after more losses last year, the price was able to recover in the first days of 2023, and the SOL token re-established itself in the top ten cryptocurrencies ranking.
Could Solana’s Price Continue to Increase in the Coming Weeks?
The Solana price could see a stronger trend change in the next two weeks. The rate more than doubled, returning to the rate the cryptocurrency had before the FTX crash. If the rally continues in the coming weeks, the Solana price could return to where it was before the FTX crash.
Right now, the market is in strong momentum and is even interacting with new highs. Bitcoin is currently selling for $20,830.73, and it could go back considerably higher if a breakout occurs. In January, a move towards $25,000 is still possible.
If this occurs, altcoins may see double-digit percentage gains in the next two weeks. These factors could push the Solana price above $30 or even $40 in the coming weeks.
Could Solana’s Price Reach $100 in the Coming Months?
The year 2023 began with a very optimistic outlook for both the general crypto market and the price of Solana. Overall, 2023 has the potential to be a very good year for cryptocurrencies. The first half of 2019, the second year of the bear market at the time, saw massive price increases.
Such increases could occur again in 2023. As a result, the price of the Solana may rise sharply again in the coming months.
Given that the price fell sharply earlier, Solana could consolidate strongly in the coming months. The price could go up even faster than many other altcoins, as seen in the last two weeks. An increase to a value of $100 for the price of Solana in 2023 is unlikely but possible.
By Audy Castaneda