Solana has suffered significant setbacks in recent weeks. Connections to FTX considerably impacted the network’s reputation. Solana’s 2022 was already off. However, 2023 may see a recovery and thus investment opportunities for astute investors. What is Solana price prediction for 2023? Let’s take a look at it in more detail.
How did the SOL price move in 2022?
In the second half of 2021, the value of Solana’s SOL token skyrocketed. However, the token suffered significant losses in 2022. Of course, this was mainly due to the bear market, which has precipitated almost all cryptocurrencies’ prices to drop in recent months.
The SOL price suffered massive losses during the first half of the year in particular. It dropped from nearly $180 in the first six months of 2022 to $30 in mid-June. The price has recently stabilized slightly in the second half of the year.
This was the case until early November 2022, when the SOL price rose to $36. Then came the FTX implosion, which caused the SOL price to plummet dramatically. At the time of writing this, the SOL price is trading at $9.76.
Why did the SOL price have to accept such heavy losses?
The recent losses have significantly reduced Solana’s forecast for the end of 2022. Solana’s connection to Sam Bankman-Fried and his companies FTX and Alameda Research was the cause of the sharp drop. This article contains additional information on the subject.
Solana as a network has long been lambasted. Because there have already been multiple network crashes due to transaction overload during the bull market. Nonetheless, because the Solana blockchain is extremely scalable, the network was able to expand massively. However, many questions about security remain unanswered.
What is the Solana price prediction for 2023?
Solana’s prediction for the year 2023 is particularly difficult to make. Because confidence in the SOL token has nosedived in the immediate wake of the FTX massive failure. But that doesn’t mean Solana is no longer in the picture. We must bear in mind that the Solana blockchain is second only to Ethereum in terms of NFTs. Solana was also able to grow significantly in the DeFi area in 2021.
However, we clearly see the possibility of a stronger increase in the SOL price in the coming months. Especially if the Bitcoin price increases sharply, Altcoins and the SOL may increase again. That could happen as the repercussions from the FTX crisis wears off in the months ahead.
Solana Price Prediction: How high can the SOL price go in 2023?
It is difficult to predict whether the SOL price will rise further in 2023. If the Bitcoin price triples again, as it did in 2019, the SOL price may also rise significantly. However, Solana must first dismiss investor suspicions.
As a result, the SOL price may rise by a factor of 3 to 5 in the short term. If this takes place, the price should fall a bit after that. Even so, despite the increases in bitcoin and certain altcoins, the price may only obtain a small amount in value. As a result, we assume a Solana price prediction of 20 to 40 dollars by the end of 2023.
Is an investment in the SOL token worthwhile?
According to our Solana prediction for 2023, the SOL price can still rise in the coming months. You should be aware, however, that Solana’s reputation has suffered significantly in recent weeks, and the network’s track record is not ideal.
As a result, we’d like to leave it up to you to decide whether or not to invest in SOL. The price is currently so low that an investment may be worthwhile if the price can rise to previous highs in the coming years. Solana, on the other hand, could implode. You would be taking a significant risk, but you could also profit significantly.
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