The price of Solana (SOL) has gone up by 1.5% in the past 24 hours, with its move to $23 coming as the cryptocurrency market has stayed relatively stable. Despite a 6.5% decrease in the last seven days, SOL is up by 19% in the last month and a whopping 130% since the beginning of 2023. This increase in strength in the past few months gives hope for further gains in the near future, as Solana, the platform, has seen an increase in usage.
Solana Price Prediction as SOL Spikes Up to $23 – Can SOL Reach $1,000 in 2023?
Analyzing the chart and indicators of SOL, the altcoin is in an oversold position that should lead to a recovery shortly. Firstly, the relative strength index (purple) is climbing again after hitting 30 yesterday, suggesting a slight increase in momentum that could turn into a noticeable growth in the following days. Secondly, the 30-day moving average (yellow) has slipped below its 200-day average (blue), forming a ‘death cross’ that often indicates further losses before an eventual recovery. However, the coin’s support level (green) shows that any further drops shouldn’t be too drastic.
Looking at the fundamentals, SOL is likely to experience gains soon. On the one hand, Solana has regained its credibility after a difficult 2022 that was characterized by numerous outages, with its blockchain now reporting 100% uptime since February 25. On the other hand, Solana has recently released a number of important updates that are expected to increase its adoption and usage levels. This includes the release of Solang, a compiler that enables developers to build apps for Solana using Solidity, a programming language primarily used with Ethereum. Additionally, Helium – a decentralized wireless communication network – has seen usage in multiple countries worldwide, demonstrating Solana’s potential for the future.
Taking into consideration its current level of $23, the altcoin may return to $50 in the next few months before potentially reaching $100 by the end of the year.
New Altcoins With Big Potential
Solana may be one of the strongest altcoins in the cryptocurrency market, however, it isn’t the only promising token. Presale tokens are showing great potential for rallying in the upcoming weeks, once their sales have ended and they list on trading platforms. One of these tokens is XRP20, an ERC-20 version of XRP that has already raised $400,000 in its presale, which began this week. XRP20 is purchasable through ETH, USDT, or fiat currency at the price of $0.000092, which is the price XRP itself reached in 2014. Moreover, it enables staking and provides staking rewards, with a total maximum supply of 100,000,000,000, and 10% of the supply being burned over time.
Visit XRP20 Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.