Our Solana price prediction suggests that the price could reach $60 in 2023. However, bulls need to reclaim a key level to unlock further upside. In this analysis, we’ll reveal the key level that could send Solana crypto to stellar.
Solana was one of the cryptocurrencies that brutally crashed after the collapse of FTX. This was due to the fact that FTX was one of the biggest stakeholders in the Solana ecosystem. In December 2022, the SOL price hit its rock bottom at $8. However, the price rebounded massively in 2023 and started the year with a bang.
At the time of writing, Solana price is trading at $23.54. This is around 200% increase from its December low of $8. Many other altcoins have also posted similar gains since the start of the year. The ongoing crypto recovery is attributed to the positive Bitcoin price action in 2023.
As per the latest Solana news, the project has announced a hackathon called Grizzlython. The event would allow the builders to go from idea to company in only 6 weeks. More than 5000 builders from around the world have already signed up for the hackathon. A total $5 million in prizes and seed money would also be up for grabs in the much-awaited Solana event.
Solana Daily Chart
On Daily timeframe, Solana bulls appear to be exhausted. Consequently, SOL has faced repeated rejections from the $27 region. This region has been acting as a strong resistance since the price broke below it in November.
A closer look at the chart also reveals that the price is yet to break above the 200-day moving average. Solana price could flip really bullish if the price reclaims the $27 level. This is due to a confluence of the previous support now acting as a resistance and the 200-day MA.
If the price closes a week above this level, then $60 would be a valid price prediction for 2023. In case you’re wondering where to buy Solana then the best place to buy is by signing up on Binance.
