Investors and traders have been rallying for the Solana SOL token recently. The token has had a massive surge in the past few weeks, attracting the attention of many crypto enthusiasts. The price of Solana (SOL) has risen by 156% in the past few weeks since the year began. This Sol price prediction looks at Sol and how it future looks like.
SOL Technical Analysis
At the time of writing, SOL is worth $25.40 with a 24-hour trading volume of $1,116,020,917. In the past seven days, SOL has risen by 4.65%, bringing the total circulating supply to 370 million SOL.
The SOL price has been surging since the beginning of the year after bottoming out at its major support at $9.49. According to the Daily Chart above, SOL formed a pin bar, which in most cases indicates a trend change. The price had also broken the 50 EMA and retested it before bulls pushed it further to $26.88. Since mid-November 2022, the price of Solana has been below its 50-day SMA; this indicator has been indicating a SELL signal for the past 22 days.
The price is on a short reversal, after which we expect the bulls to break the 200 EMA. Currently, the price of Solana is below the 200-day simple moving average (EMA). Since January 17, 2022, or 378 days, the 200-day EMA has indicated a SELL.
However, a major resistance awaits the SOL market price at $39.10. This will form the neckline of the W pattern, after which the market should continue the bull run. The dip of the W pattern to the neckline confirms where traders should be taking their profits from, and, similarly, investors and hodlers.
SOL Price Prediction
Everything in the crypto market is rallying upward. Is this the effect of the BTC pull oner tokens? It has yet to be confirmed. All factors remaining constant, the price of SOL might continue the bull run in Q1 of 2023 to touch the $67.67 level. However, February looks promising for the SOL token and its investors, as we forecast a 38% rise in SOL to touch the $39.10 level.
Investors may consider the Solana Network as an alternative to Ethereum due to its enhanced proof-of-stake network, faster speeds, and lower costs. It also features “wormholes” that act as bridges between different networks, solving the common interoperability issues among blockchain networks.
Why is Solana SOL Surging?
The Solana token has been experiencing a remarkable surge since January 2023, with its price increasing by 156%. Several factors have been attributed to this remarkable bull run. The Degenerate Ape Academy, a Non-Fungible token (NFT) project, has been a driving force behind the coin’s success, as have its strong fundamentals and efficient platform.
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— Degenerate Ape Academy (@DegenApeAcademy) January 26, 2023
This has attracted investors and led to the coin’s new high of $26.53 in 2023. The approach of resistance levels at $27.10 may further incentivize traders to purchase the token, resulting in an even greater surge in its price.
MEMAG: An Opportunity for Mobile Web3 Gaming
You may want to consider investing in MEMAG as an alternative to SOL. The native token of the Meta Masters Guild is a great potential profit generator. The Meta Masters Guild is the first global guild dedicated to mobile Web3 gaming, creating blockchain-enabled mobile games that offer players in-game incentives known as “gems” that can be exchanged for MEMAG tokens. With one game already released and two more in the works, the prospects for MEMAG’s success grow with each game that enters the ecosystem.
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