Solana Explodes With a 200% Surge. Can SOL Reach $50 In JAN?

1. Upon entering the new year 2023, SOL achieved growth of over 200 percent
2. Cryptocurrency SOL continues to rank among the top 15
3. Solana can easily break the $30 resistance level

Despite Solana’s challenges in the past months, the crypto continues to stand tall against its competitors in the market. In detail, Solana is one of the cryptocurrencies in the market whose trading price is aggressive.

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Source: TradingView

As seen in the 1-day chart, SOL was able to create a bullish growth rate of over +200% upon entering the new year 2023. SOL surged its price from $8.2 to $25.12, a very good trading position. If SOL can continue its crypto rodeo in the coming days of the month, SOL may be able to hit and break the resistance level of $31.77.  Once that happens, the psychological resistance level of $38.94 will no longer pose a problem.

Additionally, if you look closer at the chart, SOL you will notice that SOL was able to generate a growth rate of +200% in the past two weeks of January. If SOL is able to do this again before the month’s end, traders and investors can expect SOL to reach a bullish price from $70 to $80. However, this price forecast of SOL still depends on the direction of the bullish market. 

In other news, according to a study report by Bank of America (BAC) on Tuesday, digital currencies, such as central bank digital currencies (CBDCs) and stablecoins, represent the natural progression of money and payments.

The Bank of America anticipates that the central banks of industrialized nations and emerging economies will place an emphasis, respectively, on the efficiency of payments and the inclusion of financial markets. However, the advantages of CBDCs and the hazards associated with them are dependent on how they were issued and how they were designed.

Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether expressed or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers perform their own in-depth research before investing in cryptocurrency.

Read Also:

• Can Solana (SOL) Enter the Top 10 Cryptocurrencies in 2023?
• Is Solana Dead? Here are the Facts Pushing SOL to Ground
• Solana Price May Moon Despite Recent Hack
• Bulls Take Charge in the Solana (SOL) Market
• Will Polygon (MATIC) and Solana (SOL) Enter Top 10 Crypto Soon?