The Solana (SOL) price is one of the coins that has recovered well in the last few weeks. Solana was at the top of our list of the most rapidly rising cryptocurrencies. After a massive loss of more than 60% following the FTX crash, the price was able to rise above the $20 mark once more. But, after the new increase, can the Solana price return to $100? Let’s take a look at it in more detail in this Solana price prediction article.
How has the Solana price moved in the last few days?
The price of Solana has risen dramatically in recent days. The SOL token’s value increased from less than ten dollars to twenty-three dollars in the first two weeks of the year. In just a few days, the price had more than doubled. At the time of writing this, the SOL is trading at $21.69.
Earlier, the Solana price suffered massive losses just after the FTX crash. After the bankruptcy, the price dropped by more than 60%, from $36 to $12. Just after further losses in the past year, the price was able to recover in the first days of 2023, and the SOL token was restored to the top ten cryptocurrencies.
Why did Solana take such heavy losses before?
Solana’s value plummeted in the aftermath of the FTX crash. Solana had strong ties to failed FTX CEO Sam Bankman-Fried and his companies FTX and Alameda Research, which resulted in the losses. As a result, trust in the network suffered greatly.
Solana was widely regarded as a network teeming with uncertainty. Because, even when Solana was getting a lot of attention, there were always network crashes with a high transaction load. That is why the loss of trust was so drastic in November, and the price of Solana tumbled so abruptly.
Can the price of Solana continue to rise in the coming weeks?
Solana price prediction: SOL/USD Weekly chart showing the price – GoCharting
So, the Solana price could see a stronger trend reversal in the next two weeks. The course more than doubled and returned to the rate that the cryptocurrency had before the FTX crash. If the rally continues in the coming weeks, the price of Solana could return to where it was before the FTX crash.
Right now, the market has strong momentum and is even interacting with new highs. Bitcoin is currently selling at $20,830.73 and could rise sharply again if an upward breakout occurs. In January, a move towards $25,000 is still possible.
If this occurs, altcoins may see double-digit percentage increases in the next two weeks. These factors could push the Solana price above $30 or even $40 in the coming weeks.
Solana price prediction: Can Solana’s price hit $100 again in the next few months?
The year 2023 began with a very optimistic outlook for both the overall crypto market and the Solana price. Overall, 2023 has the potential to be a very good year for cryptocurrencies. The first half of 2019, the second year of the bear market at the time, saw massive price increases.
These increases could occur again in 2023. As a result, the Solana price may rise dramatically again in the coming months. With the price having dropped sharply earlier, we could see Solana consolidate heavily in the coming months. The price could rise even faster than many other altcoins, as we have seen in the last two weeks. An increase to a value of 100 dollars for the Solana price in 2023 is unlikely, but not impossible.
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Is an investment in the SOL token worthwhile?
At the moment, an investment in Solana’s SOL token could be profitable. The value appears to be undervalued at the moment as a result of the FTX crash, and the current price increase could continue in the coming weeks and months. However, Solana still poses some danger. This, however, implies that the potential winnings could be very large.
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