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After reaching its highest point in 17 months at $34,600, the price of Bitcoin continues to find buyers. US markets are falling as geopolitical risks negatively affect many countries’ stock markets. On the macro front, there is a lot of excitement as the PCE data approaches. Fortunately, cryptocurrencies are currently not as concerned about macro factors as they used to be. It is difficult to know how long this will continue, but SOL Coin has clear price targets in both scenarios.
SOL Coin Analysis
After narrowly escaping death due to the events following its rise as the killer of Ethereum in 2021, SOL Coin experienced a rapid increase in price thanks to Vitalik Buterin’s support statement. The price, which dropped to $8, was a challenging resistance level at $27 for several months. Now, it has surpassed $32.8 and set a new high for 2023.
In November 2022, the price of SOL started to decline from its highest point of $31.72 in just two days. This week, the popular cryptocurrency managed to recover at least a portion of the losses caused by SBF. Popular cryptocurrency analyst Joe McCann stated that SOL has fully recovered from the decline. This movement came after the trading volume reached its three-month peak of $1.7 billion.
On the other hand, the Total Value Locked (TVL) of Solana, which we previously mentioned as supporting the price increase, reached a new high of $367 million. After reaching $10 billion in November 2021, the TVL was only able to recover 3% of the losses. This indicates that SOL Coin is still in its early stages.
SOL Coin Price Prediction
So, what will be the price of Solana (SOL)? It is impossible to know the future, and considering that confident analysts expect a drop to $25,000 this month, we can better understand this. Bold predictions in the crypto market often end up embarrassing their owners in the short and medium term. However, some predictions are made based on technical indicators.
Pentosh1 believes that SOL will continue to rise to $37 as long as it stays above $32. SatoshiWolf also gave a similar price target. Both analysts assume that the $27 resistance has recently shown its strength, so the $37 range could be a good point to take profits.
On the other hand, if BTC continues its indifferent rise, the SOL Coin price could mark $46 as a medium-term peak on closing above $37. In the reverse scenario, losing the range between $28 and $27 could herald a painful drop to $20.
