Key Takeaways:

• After witnessing dreadful days in 2022, SOL price has gained significant bullish momentum since the beginning of 2023
• The bullish market sentiments appear to prevail for a long that may assist the price in rising significantly in the rest of 2023
• The on-chain indicators, currently are pretty sceptical and hence flashes the possibility of either rising above the resistance or plunging towards the interim support

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Price	$24.32
24H Price Change	+2.88%
7D Price Change	+16.02%
MarketCap	$9.03 billion
Circulating Supply	371.36 million
Trading Volume	$1.07 billion
ATH	$260.06
ATL	$0.5052

Solana Price History

• Solana foundation was launched in 2017 and officially went live in 2020 with a price less than a dollar at around $0.651
• Further the price remained consolidated below $5 until the end of 2020 and intensified its volatility since the beginning of 20
• The price rose gigantically in 2021 and marked the highs above $250 just before the end of the year and quickly ignited a deep bearish trend
• The price did attempt to revive a notable bullish trend in 2022 but the bears managed to restrict the price around $136.
• This was when the market collapsed due to the failure of the Terra ecosystem which slashed the price to $30
• However, the collapse of the FTX exchange dragged the price too as low as a single digit that marked the bottom of the year
• The price quickly bounced back and gained more than 230% since the beginning of 2023 and appears to keep up the bullish momentum 

Solana Technical Analysis

Source: Tradingview

• The FTX collapse caused the SOL price to drop below the lower support and bottomed below $10 which is considered as the bottom of the 2022 bear market at the moment
• The price after falling apart from the bearish descending triangle, accomplished the correction phase and rebounded finely to rise beyond the interim resistance at $25
• The bulls appear to be accumulating strength and hence the SOL price is maintaining an ascending consolidation and may continue to reclaim levels at the edge of the ascending triangle
• Further, the bulls could rise the price levels beyond $30 initially which may clear the barriers for the token to reach one on the important levels at $35 by the end of February 2023

Overview of Solana On-chain Analysis:

Solana Social Dominance

Source: Santiment

The social dominance is calculated considering all the mentions/posts and other activities carried out on the social platforms and compared to the mentions and posts of the top 100 tokens according to the market capitalization. A drop in social dominance indicates that the mentions of the token have dropped compared to that of the top 100 tokens. 

The social dominance of AXS price had risen significantly in the past few days which appears to have flipped. The social dominance of Axie Infinity has dropped and hence it signifies that the traders may have shifted their focus to other tokens. Therefore, it may impact the value of the token to some extent. 

Additinal Read: Axie Infinity Price Prediction

Solana Development Activity

Source: Santiment

The development activity of a project indicates the commitment of the developing team to create a strong and secure platform. The activity is done in its GitHub repository which is usually public and transparent for all. The higher the commits, indicates the rising development activity which also induces a bullish momentum within the market participants in the long term. 

The development activity of Solana has been fluctuating heavily in the past few months which has maintained the volatility of the token. However, the activity is on the rise indicating the impending bullish momentum for the token.

Solana Price Prediction for 2023

Solana price has been maintaining a descending trend throughout the year 2022 after marking a gigantic rise in 2021. The price is trying to maintain a significant upside since the beginning of 2023 with a rise of more than 200%. The price is expected to reach beyond $35 by the end of Q1 2023 and by the end of H1 2023, the SOL price could rise close to $40. 

However, the price may undergo a slight pullback during Q3 2023 as the prices may be slashed significantly below $30 again. After withstanding bearish influence for some time, the trend may again intensify, lighting up a rebound. By the end of Q3, 2023, the prices may reclaim the positions above $40 and by the end of the year, the levels may reach above $50.

Solana Price Prediction for 2024

With a bullish start for 2024, the price may sustain above $50 and maintain a notable upswing thereafter. The SOL price could regain levels above $70 in the first quarter of 2024 and set off a strong bull run ahead. The bulls may jump in action which may intensify the volatility resulting in massive gains by the end of H1 2024.

The bull run may be heading toward its peak during the second half of 2024 and reclaim levels beyond $100. Despite bearish interference at regular intervals, the price may remain inflated and secure levels above $150 by the end of the year 2024. However, an extended bullish trend may also uplift the price close to $180 too.

Solana PRICE PREDICTION 2025-2030

The SOL price in the first few days of 2025 may regain levels above $200 and maintain a notable upswing thereafter. However, the bears may strengthen during the second half of 2025, igniting a bear market that may prevail throughout 2026, marking the bottoms around $50. Further, in 2027, the markets may witness an ease in bearish action which may ignite a minor recovery phase that may intensify until the mid of 2028. 

Moving ahead, the bulls who accumulated strength until now may quickly jump in and uplift the price beyond crucial levels. The bull run is expected to reach the core by the end of 2028 and during the first quarter of 2029. However, after marking new highs, the price is believed to drop heavily, indicating the revival of a bear market in 2030. 

Year	Solana  Price Forecast
2023	$52 to $55
2024	$119 to $150
2025	$175 to $220

Should you invest in Solana in 2023?

Solana has been displaying notable upswings since its inception and is believed to maintain the same trend for a long. Undoubtedly, the network has witnessed multiple halts in the recent past that compelled the developers to reboot the entire system. But the network is believed to overcome its flaws and rise accordingly. However, before investing in Solana or any other token a deep understanding of the project and a closer observation of the price movements is paramount. 

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