Recent developments on the Solana blockchain network have led to increased activity among developers, which is being seen as a positive sign for the cryptocurrency–leading Solana’s price to skyrocket in recent days. According to data from crypto aggregator Lunar Crush, social mentions of the dubbed “Ethereum Killer” altcoin spiked in January 2023, indicating growing popularity in the crypto community.
Just in! Top 5 cryptocurrencies by social contributors on #LunarCrush.$sol 10,677$eth 10,387$btc 9,526$bonk 3,807$bnb 3,309https://t.co/bqwZ1eqAHZ
— 🔭 LunarCrush Lens (@LunarCrushLens) January 10, 2023
This renewed interest in Solana has also translated into a spike in daily active wallets, which are now three times higher than they were prior to the collapse of the FTX exchange in November. The network has been recovering from a decline in activity and price since the FTX incident, but it appears to be on the upswing once again.
It also appears that the recent surge in Solana’s price may not only be attributed to increased activity among developers and users, but to a new addition to the Solana ecosystem as well–the release of the meme coin BONK. BONK, which was inspired by the popular Dogecoin, has seen a massive rally of over 3,600% in the week since its launch, reaching its all-time high price of $0.000004873759 on January 5.
As of writing, SOL’s price is $16.23. Can the cryptocurrency maintain its momentum and shoot 2x towards $30?
Solana (SOL) Price Prediction and Technical Analysis
Exponential Moving Average (EMA)
Solana’s price is currently trading above its 20-day and 50-day EMA, implying that in the short- to medium-term the outlook for this crypto is bullish and a further break out is possible. To further substantiate the bullish movement in price, it’s essential that the 100-day EMA is broken above and for a bullish alignment of EMAs to be seen, with lower EMAs overtaking higher ones.
Relative Strength Index (RSI) and Solana’s Price
With SOL moving for a huge 22.77% gain in the past two days, the RSI entered the oversold levels yesterday at 71.94. Currently, SOL’s RSI has slightly decreased to 69.45 along with today’s decline in price.
Moving Average Convergence Divergence (MACD) and Solana’s Price
A bullish crossover occurred on January 1, and since then the separation has been consistently growing as measured by its histogram. Moreover, the MACD served to cross over the zero line, suggesting that SOL could experience a period of sustained bullish momentum in the coming days.
Solana’s Price Action, Support, and Resistances
After consolidating above the $12.74 to $12.94 support range from January 3 to January 8, SOL price has finally broken out from its range yesterday effectively surpassing the 50-day EMA and the previous resistance range of $14.58 to $15.11.
With the crypto experiencing increased bullish activity for the past two days, it’s now at oversold levels and is looking for relief to consolidate above the previous resistances now turned support levels of $14.58 to $15.11. SOL’s price is down by 2.67% for the day to $16.22 so far. If the price can successfully hold around these levels, the next immediate target for SOL is the range of $17.64 to $18.86 in confluence with the 100-day EMA.
Other Cryptocurrencies to Invest In as Solana’s Price Increases
The crypto market may very well make a recovery in 2023, and you can get an early jump start on future profits by investing in promising altcoins at their current lower prices during presales. Make sure to take a look at D2T, FGHT, and CCHG which are all set to be available on exchanges this year.
Dash 2 Trade (D2T) Will Help With Solana’s Price Prediction and Sentiment
Dash 2 Trade’s impending launch in February could change cryptocurrency trading for the better. Featuring a wide range of functions that give traders ultimate oversight over their funds and invaluable resources to help them make informed decisions for maximum returns on investment, Dash 2 Trade stands out from the competition with an all-encompassing suite of tools.
Dash 2 Trade’s presale has only hours left and has been a resounding success, surpassing expectations and raising an impressive $15.3 million. To capitalize on this momentum, the team is offering up to an extra $2 million worth of tokens, but only a few hours remain to grab some of these tokens before the oversold round ends. This accomplishment will grant Dash 2 Trade enough resources for rapid product release and additional exchange listings in future.
Visit Dash 2 Trade Now
Fight Out (FGHT) in the Fight for Best Crypto 2023
Fight Out is an in-development move to earn (M2E) app and chain of gyms that will motivate members to keep active with rewards and community. The company will build communities both online in a metaverse-like fitness world as well as in local communities. The Fight Out app will empower users to quickly and easily create and customize workout plans, track progress, and participate in community challenges.
Fight Out will use a real-time NFT-based avatar to help users monitor their progress, as the digital avatar will level up when fitness goals are met. Users can then compete in fights with their avatars for rewards.
At the close of 2023 the company is set to launch its first gym chain, which will be a sophisticated Web3-enabled space offering a variety of fitness stations along with studio space, a health bar, and co-working space. Smart tech such as ‘mirrors’ will let users see their fitness profiles and give them feedback on their workouts.
— Fight Out (@FightOut_) January 10, 2023Step up to the challenge and join the Fight Out community!
With personalised workouts, rewards, and a supportive community, we'll help you reach your fitness goals and have fun along the way.
Are you ready to take the next step? 👊⬇️https://t.co/z34Nkx3ffi pic.twitter.com/oZF16ecvyZ
In addition to the gyms, Fight Out will also offer users customized workout plans developed by seasoned health experts, as well as performance analytics and progress monitoring tools to help inspire members on their journey to achieving their fitness goals.It will also allow community members to share inspiring stories through content creation opportunities.
Fight Out’s approach to promoting an active and healthy lifestyle through a fun and engaging platform has already attracted the attention of investors, with the company raising over $2.8 million during its FGHT token presale so far. Presale investors can enjoy up to a 50% bonus on FGHT token at its ground floor price, and the project is backed by esteemed organizations such as LBank Labs, Cryptonews.com, Transak, and BlockMedia Labs, providing financial and operational assistance to increase the project’s chances of success.
Visit FightOut Now
Supercharge Your Portfolio with C+Charge (CCHG)
C+Charge is an upcoming peer-to-peer payment system and rewards app for electric vehicle (EV) charging, utilizing blockchain technology to make the charging process more efficient, cost-effective, and transparent. The platform aims to reduce the time and expenses associated with traditional EV charging methods, as well as reward users for their eco-friendly behavior.
According to the white paper, C+Charge’s platform will allow EV owners to predict their charging costs with precision and clarity. Additionally, landlords and businesses will no longer have to be concerned about rising electricity prices for non-EV drivers, as the app allows them to monitor energy usage for each EV at their location, so that only those charging an EV are charged for the electricity used. This technology takes a significant step towards removing one of the biggest obstacles property owners face when installing EV chargers.
C+Charge is expected to become a crucial app for EV owners, offering rewards systems, cost savings opportunities and educational resources, which provide a valuable use case in the rapidly-evolving EV industry. With the increasing popularity of electric vehicles, C+Charge aims to make the charging experience more seamless and hassle-free for EV owners, while also encouraging more widespread adoption of the eco-friendly technology.
— C+Charge (@C_Charge_Token) January 9, 2023🌿It is our responsibility to shift climate change🌍
Buy some $CCHG, earn carbon credits and reduce carbon emissions
Join our presale now ⬇️https://t.co/ixe18bPqzI
C+Charg’es CCHG token presale has so far raised over $238k and has doubled overnight as interest in the project grows. Now is a good time to grab some tokens in stage 1 of the presale at $0.013 USDT per token. The token price will increase over the next 3 stages before ending at $0.02350 each.
Visit C+Charge Now
Enter your email for our Free Daily Newsletter
A quick 3min read about today's crypto news!
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Author: Kathryn Drake
Last Updated: 1704155882
Views: 2233
Rating: 4.9 / 5 (120 voted)
Reviews: 93% of readers found this page helpful
Name: Kathryn Drake
Birthday: 1954-02-03
Address: 7890 Bryan Lodge Apt. 937, Sandraview, NH 58802
Phone: +3885387438072174
Job: Nurse
Hobby: Archery, Motorcycling, Dancing, Puzzle Solving, Orienteering, Sewing, Fishing
Introduction: My name is Kathryn Drake, I am a transparent, persistent, priceless, dear, capable, risk-taking, intrepid person who loves writing and wants to share my knowledge and understanding with you.