Solana Price Prediction as SOL Spikes Up to $23 – Can SOL Reach $1,000 in 2023?
The price of Solana (SOL) has risen by 1.5% in the past 24 hours, with its move to $23 coming as the cryptocurrency market as a whole barely moves today.
SOL remains down by 6.5% in the last seven days but is up 19% in the last month and by 130% since the beginning of 2023, with the altcoin recovering significantly this year after a difficult 2022.
Its regathering of strength in the past few months puts it in a good position to secure further gains in the near future, with Solana as a platform witnessing an increase in usage that will help push up SOL's price going forward.
As far as SOL's chart and indicators are concerned, the altcoin is in an oversold position that should lead to a recovery soon enough.
Firstly, SOL's relative strength index (purple) has begun climbing again after hitting 30 yesterday, indicating a modest growth in momentum that could translate into noticeable gains in the next few days.
Secondly, the coin's 30-day moving average (yellow) has just slipped below its 200-day average (blue), forming a 'death cross' that often signals further losses before an eventual recovery.
While such a cross may indicate that SOL will fall a little further before it rises again, the coin's support level (green) would suggest that any further drops aren't going to be too significant.
And in terms of Solana's fundamentals, it's likely that SOL will see gains sooner rather than later.
On the one hand, Solana has restored its credibility after a difficult 2022 that saw it suffer numerous outages, with its blockchain now reporting 100% uptime since February 25.
And on the other hand, Solana has recently celebrated a number of important updates that will likely see its adoption and usage levels increase over time.
This includes last
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