Solana (SOL) stands out as one of the top-performing cryptocurrencies in 2023. Since the beginning of the year, its value has surged by more than 460%, surpassing Bitcoin’s (BTC) 125% increase during the same period. Despite this remarkable growth, SOL has recently experienced a correction, witnessing a 4.2% decline in the last 24 hours and a 6.7% dip over the past week. Nevertheless, it maintains a positive trajectory with a 73.1% increase in the monthly charts. Analysts remain optimistic about SOL’s short-term prospects, expecting the cryptocurrency to sustain its upward momentum.
Solana (SOL) Poised for a 47% Surge: $82 Price Target on the Horizon!
According to the analysis and predictions of “Bluntz,” there is a potential for SOL to rise to approximately $70 initially and then reach $82.50, indicating a substantial growth of around 47% from its current levels. The analyst has expressed concern about SOL’s recent drop to $54.78, considering it a warning sign. DefiLlama reports a notable increase in trading volume on Solana (SOL) decentralized exchanges (DEXs). The impressive performance of SOL in 2023 has attracted the attention of numerous traders and investors.
Despite concerns about the possibility of FTX, a defunct crypto exchange, receiving approval to liquidate its SOL holdings, investors are actively acquiring the asset, showcasing their confidence in the project. SOL was severely impacted by the collapse of FTX in November 2022, given that it constitutes a significant portion of the exchange’s holdings, valued at over $1 billion. CoinShares’ fund flow reports indicate a consistent influx of funds into SOL for several consecutive weeks, reinforcing its market position. Analysts foresee a continued bullish trend for Solana (SOL) well into the next year.
Additionally, with expectations of a crypto market bull run in 2024, there is potential for further upward pressure on SOL’s price. Some even predict that the asset could surpass its previous peak of $259.96, achieved in November 2021, and establish a new all-time high.