Meanwhile, the Solana price was already up almost 8% today. SOL is currently trading at around $9.90, up around 4% from a day ago. Over the past 24 hours, Solana has traded between $9.50 and $10.00 according to data from Coingecko. The trading volume was around 500 million dollars, the market capitalization is still around 3.6 billion dollars. Still, Solana is arguably one of the biggest losers this year. The current counter-movement cannot hide it either.
Solana’s price is now around 96% lower than the all-time high reached in November 2021. Is there still hope for the coming year 2023 or is Solana irrevocably dead?
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Solana crashes after FTX collapse: -96% HUD
Undoubtedly, the Solana cryptocurrency is one of the big losers in 2022. The Solana layer-1 blockchain native coin, which positioned itself as an Ethereum killer, corrected more than 95% of the record . The root cause was the dramatic collapse of crypto exchange FTX, as closely associated investment firm Alameda Research holds a massive SOL in its portfolio. In the medium term, there is a risk of further liquidations, which will make the recovery more difficult.
The downward pressure therefore remains high. Also over the past week, Solana again fell more than 15% to new all-time lows for 2022.
Vitalik Buterin sees a bright future for Solana
With Solana hard hit and the price currently only seeing one direction, Ethereum founder Vitalik Buterin believes the network has a positive future. Because the serious and intelligent community of developers is the reason why Solana will surely see better times again. Buterin has repeatedly pointed out in the past that developers can further develop their blockchains on a solid foundation if opportunistic capital has been stripped from coins. Bear markets thus offer immense opportunities for developers. Words of encouragement from a crypto expert who has experienced something similar in the past. Because Ethereum also fell around 95% in the 2018 bear market.
Some smart people tell me that there is a community of serious smart developers in Solana, and now that the horrible opportunistic money has been washed away, the chain has a bright future.
Hard for me to say from the outside, but hopefully the community will have a chance to thrive
— vitalik.eth (@VitalikButerin) December 29, 2022
Solana Price Predictions for 2023: Here’s How SOL Could Grow
The Solana chart reveals a badly beaten cryptocurrency. For now, the bears should hold the upper hand in 2023 and sell short-term rallies again. More recently, Solana slipped below the lows of the previous year, and there is a risk of further difficulties in the short term.
Bullish Solana Price Prediction: For a more bullish picture, Solana holders should first push the price above the psychological $10 level. After that, the old all-time low at $10.94 would be the short-term price target. A retest of the December 2022 highs would also be possible in the event of an uptrend reversal. Then Solana could climb above $14.88 and also clear $15. The price level between $25.89 and $27.80 should also be particularly exciting.
Solana bearish price prediction: The bears have recently pushed Solana’s price lower. The next target is $8.56, where the 38 Fib retracement of the long-term move is located. If cryptocurrencies continue to weaken in 2023, the correction could extend to $8.20 and then $7.18. A sell-off towards the horizontal support zone at around $5 also doesn’t seem out of the question.
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