- Bullish SOL price prediction for 2023 is $26.87to $48.52.
- Solana (SOL) price might reach $40 soon.
- Bearish SOL price prediction for 2023 is $9.44.
In this Solana (SOL) price prediction 2023, we will analyze the price patterns of SOL by using accurate trader-friendly technical analysis indicators and also predict the future movement of the cryptocurrency.
Solana (SOL) Current Market Status
|24 – hour trading volume||$420,905,843|
|24 – hour price change||4.31% Up|
|All – Time High||$260.06 (On November 06,2021)|
What is Solana (SOL)?
The crypto coin, Solana (SOL), runs on an independent and scalable blockchain with faster transaction rates. The blockchain’s functionality is based on a hybrid consensus model that combines proof-of-stake (PoS) and proof-of-history (PoH). This hybrid model enables Solana to validate its blocks faster with accurate time stamps. Solana (SOL) was launched in March 2020.Solana Network aims to expand its functionalities by hosting several DApps in the DeFi and also revolutionizing the NFT marketplace. Solana-based NFTs are gaining positive momentum and are more likely to be preferred over Ethereum NFTs.
Solana (SOL) Price Prediction 2023
Solana (SOL) ranks 10th on CoinMarketCap in terms of its market capitalization. The overview of the Solana price prediction for 2023 is explained below with a daily time frame.
In the above chart, Solana (SOL) laid out a horizontal channel pattern. A horizontal channel also known as the sideways trend. In general, the horizontal channel is formed during the price consolidation. In this pattern, the upper trendline, the line which connects the highs, and the lower trendline, line which connects the lows, run horizontally parallel and the price action is contained within it. A horizontal channel is often regarded as one of the suitable patterns for timing the market as the buying and selling points are in consolidation.
At the time of analysis, the price of Solana (SOL) was recorded at $22.41. If the pattern trend continues, then the price of SOL might reach the resistance levels of $26.53 and $42.65. If the trend reverses, then the price of SOL may fall to the support of $20.81 and $16.42.
Solana (SOL) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Solana (SOL) in 2023.
From the above chart, we can analyze and identify the following as the resistance and support levels of Solana (SOL) for 2023.
|Resistance Level 1||$26.87|
|Resistance Level 2||$48.52|
|Support Level 1||$15.23|
|Support Level 2||$9.44|
As per the above analysis, if Solana’s (SOL) bulls take the lead, then it might hit and break through its resistance level of $48.52.
Conversely, if Solana’s (SOL) bears dominate the trend, the price of SOL might plunge to $9.44.
Solana (SOL) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Solana (SOL) are shown in the chart below.
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment.
At the time of analysis, the RVOL of Solana (SOL) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the SOL price lies above 50 MA (short-term), indicating its uptrend. Hence, SOL is in a bearish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.
At the time of analysis, the RSI of SOL is at 53.43. Therefore, this indicates ADA is neither an overbought nor oversold state.
Solana (SOL) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Solana (SOL) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of SOL lies in the range of 19.64 pointing out a weak trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of SOL lies below 50, indicating low volatility.
Comparison of SOL with BTC, ETH
Let us now compare the price movements of Solana (SOL) with that of Bitcoin (BTC), and Ethereum (ETH).
From the above chart, we can interpret that the price action of SOL is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of SOL also increases or decreases respectively.
Solana (SOL) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Solana (SOL) between 2024 and 2030.
Solana (SOL) Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then Solana (SOL) might successfully test and surpass its resistance levels to hit $50 by 2024.
Solana (SOL) Price Prediction 2025
The significant upgrades in the Solana ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Solana (SOL) price to reach $60 by 2025.
Solana (SOL) Price Prediction 2026
If Solana (SOL) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $70.
Solana (SOL) Price Prediction 2027
If Solana (SOL) sustains major resistance levels and stands as a better investment option in the market, then SOL would rally to hit $80.
Solana (SOL) Price Prediction 2028
If Solana (SOL) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then SOL would hit $90 by 2028.
Solana (SOL) Price Prediction 2029
If investors flock in and continue to place their bets on Solana (SOL), then the crypto would witness major spikes. Hence, SOL might hit $100 by 2029.
Solana (SOL) Price Prediction 2030
By 2030, the SOL price might rally to $200 if the trend momentum aligns in favor of Solana. Furthermore, SOL would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.
If Solana (SOL) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Solana (SOL) price prediction for 2023 is $48.52. Comparatively, the bearish Solana (SOL) price prediction for 2023 is $9.44.
If there is a positive elevation in the market momentum and investors’ sentiment, then Solana (SOL) might hit $40. Furthermore, with future upgrades and advancements in the Solana ecosystem, SOL might surpass its current all-time high (ATH) of $260.06 and mark its new ATH.
1. What is Solana (SOL)?
Solana (SOL) is the native crypto coin of Solana. Solana runs on a scalable blockchain that runs with a hybrid consensus model that integrates proof-of-stake (PoS) and proof-of-history (PoH). SOL was launched in March 2020.
2. Where can you purchase Solana (SOL)?
Solana (SOL) has been listed on many crypto exchanges which include Binance, CoinbaseExchange, KuCoin, Bitfinex and Bittrex.
3. Will Solana (SOL) reach a new ATH soon?
With the ongoing developments and upgrades within the Solana Platform, SOL has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Solana (SOL)?
On November 06, 2021, SOL reached its new all-time high (ATH) of $260.06.
5. What is the lowest price of Solana (SOL)?
According to CoinMarketCap, SOL hit its all-time low (ATL) of $0.5052 on May 11, 2020.
6. Will Solana (SOL) reach $40?
If Solana (SOL) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $40 soon.
7. What will be Solana (SOL) price by 2024?
Solana (SOL) price is expected to reach $50 by 2024.
8. What will be Solana (SOL) price by 2025?
Solana (SOL) price is expected to reach $60 by 2025.
9. What will be Solana (SOL) price by 2026?
Solana (SOL) price is expected to reach $70 by 2026.
10. What will be Solana (SOL) price by 2027?
Solana (SOL) price is expected to reach $80 by 2027.
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