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How SOL can triple in value before 2023 as buyers rush in

How SOL can triple in value before 2023 as buyers rush in

Solana price prediction is bullish, but SOL must break above the $32.10 double top resistance level before it can go up. The Finder’s panel released a survey yesterday that showed how worried investors are about the Solana network. The biggest problem with the network is that it loses power.

22% of people who answered the poll think that cheap transactions are to blame for power outages, while 78% think there is a bigger problem. According to the research, most of the people who own Solana plan to “hold” it for a long time.

44% of investors, in contrast hand, want to keep SOL for a long time, while 22% want to sell the assets. Also, 33% of investors plan to buy SOL in the near future and add it to their portfolios.

On the panel, Unocoin Technologies CEO Sathvik Vishwanath said that Solana is the world’s fastest blockchain and has the fastest-growing crypto ecosystem, with hundreds of projects in DeFi, NFTs, Web3, and other areas.

The price forecast for Solana from the Finder’s panel has also been changed. The panel says that SOL could reach $35 by the end of October 2022.

Taking part in society

LunarCrush, a well-known website for cryptocurrency social media and market insights, has put out a list of the top ten altcoins based on how active they are on social media. Solana came in fourth, with a 24-hour trading volume of $39 and a market capitalization of $10.26 billion.

Market capitalization is not the only important metric in the cryptocurrency business. Even though it is useful, there is much more to think about. Most of the time, people’s approaches to the market change when they look at the market as a whole. This means that a rise in social activity may help the SOL/USD exchange rate.

Stocks in the U.S. are rising

As investors weighed the risks to economic growth and mixed corporate earnings, the US stock market went up. Consumer confidence in the United States has gone down, according to new economic data. This is because of aggressive interest rate hikes and fears of a recession.

The S&P 500 Index went up 1.6% on Tuesday. Also, the correlation between Bitcoin and S&P 500 contracts over the past 60 days was close to 0.63. The prices of these digital currencies have mostly followed the prices of US stocks.

Due to the close relationship between cryptocurrencies and tech stocks, Solana’s value is likely to rise.

Tokenomics and Predictions for the Price of Solana

Solana is currently worth $30.78, and $1.2 billion worth of trades happen every 24 hours. Solana has lost more than 1% of its value in the last 24 hours. At the moment, CoinMarketCap is ranked #9 and has a live market cap of $11 billion. The number of SOL coins in circulation is 358,647,235, and no one knows how many can be made in total.

Technically, SOL is running into a lot of trouble near $32.20, which is a double top level. When Doji and Spinning star candles close below $32, it means that the buying trend is getting worse.

At the same time, the SOL/USD pair moved into the “overbought” zone, which shows that Solana is going through a “bearish correction.” On the downside, the SOL/USD pair is likely to find support near $29.50. A break below this level would lead to a further drop to $27.50. On the other hand, a bullish break above $32.10 could send Solana to $34.50 or even higher.

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

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