While most cryptocurrencies started 2023 on a consolidated note, Solana prices soared by more than 40%. Most crypto analysts predict that the first two quarters of 2023 will continue to be bearish. However, things are looking currently different for Solana. Will Solana price go up in 2023? Should you buy Solana today? Let’s analyze in this Solana price prediction 2023.
What is Solana (2023)?
Decentralized blockchain platform Solana intends to offer decentralized apps (dApps) and smart contracts with quick, safe, and scalable infrastructure. It is appropriate for high-throughput applications like decentralized exchanges, gambling, and prediction markets since it was built to process thousands of transactions per second at minimal costs. Solana’s network is secured via the proof-of-stake (PoS) consensus mechanism, which allows network users (also known as “validators”) to receive rewards for validating transactions and adding them to the blockchain.
How did Solana Price Perform in 2022?
In 2022, Solana (SOL) price saw heavy losses mainly due to the bear market. These losses were particularly evident in the first half of the year. In the summer and beyond, prices on the market stabilized. There were many short-term crashes in the second half of 2022.
The FTX crash massively damaged the SOL token at the beginning of November. Because Solana had some involvements with the companies of Sam Bankman-Fried (SBF), FTX and Alameda Research. This caused the SOL course to crash by over 60 percent. In the last few weeks it has stabilized at a low level. Nevertheless, the SOL token fell out of the top 15 cryptocurrencies.
Why is Solana Price UP 40%?
In the last few days, the SOL token has seen a strong price increase again, which improves the forecast for 2023. The main reason was the launch of a new meme coin by Solana called BONK. This new meme coin saw within 1,300 percent over the past few days.
More active wallets used $BONK in the last 24 hours than wallets using the entire Polygon network
This also revitalized the SOL course. The SOL price has risen by over 30% in the last 7 days and over 10% in the last 24 hours. Whether this surge, triggered by a meme coin, is sustainable remains to be seen in the coming weeks. However, the rally was also supported by a generally slightly bullish market.
What is the Solana forecast for 2023?
In the last few months, the Solana (SOL) price has fallen massively. Even then, many observers were very critical of the Solana network. It has a history of network drops and errors. Nevertheless, many investors see the potential of the extremely high scalability and in the NFTs Solana is already number 2 behind Ethereum. Solana could also recover in 2023, which suggests a positive forecast.
The SOL course seems to be heavily undervalued at the moment due to the FTX crisis. In general, Solana is considered a highly volatile cryptocurrency. In 2021, for example, the network was overvalued in some cases. At the moment, the price probably doesn’t match the potential that Solana offers.
How high can Solana Price go in 2023?
In the next 12 months, the SOL token has plenty of time to recover in price. A price increase seems likely if the network continues to run stably. A bitcoin surge in 2023, which we are likely to hold, should help with that. We could see a stronger 3-5x rise at some point in 2023 and then a fall in price again.
If the SOL token increases by a factor of 4, the price could rise to as much as $53. If the price then falls again at the end of the year, the price could halve again. We therefore assume a Solana forecast for 2023 of between 25 and 35 US dollars.
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