Can Solana (SOL) Enter the Top 10 Cryptocurrencies in 2023?

Solana (SOL) market experienced a price rise this week.
SOL has recorded price rise of 16 percent this week.
Solana is trading in $22.38 in the last 24-hours.

The market price of Solana rose this week, regaining nearly 16 percent of its previous value. Once $15 is turned into support, buyers become very active. Before the end of January, purchasers are setting their sights on $23 as the next objective.

Solana Price’s (SOL) chart patterns are bullish at the moment. SOL has now risen well past the ideological round number of $10. Investors in Solana can take great pride in keeping the market’s recent upswing going.

With a 52-week low of $8.0, the price of SOL is indicating a buy on the downside. In the aftermath of the FTX crash, the total value of the cryptocurrency market rose to almost $800 billion. Solana’s market cap is estimated to be $6.25 billion at the 30-day high of the SOL token.

The current value of one Solana in terms of the exchange rate is $22.38. Over the course of the last week, bulls have been in control of the SOL’s trend, which indicates that additional opportunities to buy are on the horizon. As a result, the eleventh most valuable cryptocurrency experienced a weekly increase of 16%.

Recent SOL Technical Analysis

On the 24-hour price charts, SOL is trading in a bullish trend, which is shown by the widening of Bollinger Bands (BB). This means that the market is very volatile, there are more buyers than sellers in the Solana market, and the price of SOL might continue to rise in the future. Currently, the readings on the upper and lower bands are 20.01 and 6.99, respectively. Also, the current market value is above the value of the Bollinger Band, also suggesting that a bullish sentiment might persist in the coming hours.

With a reading of 85.64, the RSI line is above its signal line. This indicates that SOL is in an overbought zone, and a correction is likely in the near future. For a possible reversal to be confirmed, however, the signal line should cross above the RSI line. If this occurs, it could signal a potential shift in the asset’s momentum and signal a possible reversal in trend. When looking for a reversal in the asset’s trend, traders should also look for other indicators that support their theory. For example, traders should look for falling volumes on the asset, high volatility, price brewing, and divergences in the momentum and volume indicators.

SOL/USD 24-hour price chart (source: TradingView)

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Munene Kelvin

Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.