In the meantime, the Solana course was already up almost 8% today. SOL is currently trading at around $9.90, up around 4% from a day ago. For the past 24 hours, Solana has been trading between $9.50 and $10.00 as per data from Coingecko. The trading volume was around $500 million, the market capitalization is still around $3.6 billion. Still, Solana is arguably one of the biggest losers this year. The current counter-movement cannot hide this either.
The Solana price is now around 96% below the record high that was reached in November 2021. Is there still hope for the coming year 2023 or is Solana irrevocably dead?
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Solana crashes following collapse of FTX: -96% from ATH
Without question, cryptocurrency Solana is one of the big losers in 2022. Layer 1 blockchain Solana’s native coin, which positioned itself as an Ethereum killer, corrected over 95% from the record high. The primary cause was the spectacular collapse of crypto exchange FTX as closely associated investment firm Alameda Research holds massive SOL in its portfolio. In the medium term there is a risk of further liquidations, which will make recovery more difficult.
The downward pressure thus remains high. Also in the past week, Solana fell once more by over 15% to new historical lows for 2022.
Vitalik Buterin sees a bright future for Solana
While Solana is badly hit and the course currently only knows one direction, Ethereum founder Vitalik Buterin believes the network has a positive future. Because the serious and smart community of developers is the reason that Solana will certainly see better times once more. Buterin has repeatedly pointed out in the past that developers can further develop their blockchains on a sound basis if the opportunistic capital has been flushed out of the coins. Bear markets thus offer immense opportunities for developers. Words of encouragement from a crypto expert who has experienced something similar in the past. Because Ethereum also fell by around 95% in the 2018 bear market.
Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.
Hard for me to tell from outside, but I hope the community gets its fair chance to thrive
— vitalik.eth (@VitalikButerin) December 29, 2022
Solana price forecast for 2023: This is how SOL might develop
The Solana chart reveals a badly battered cryptocurrency. For the time being, the bears are likely to retain the upper hand in 2023 and sell off short-term rallies once more. Most recently, Solana slipped below the previous year’s lows, and there is a risk of further adversity in the short term.
Bullish Solana Price Prediction: For a more bullish picture, Solana holders would first need to push the price above the psychological $10 level. After that, the old historical low at $10.94 would be the short-term price target. A retest of the highs from December 2022 would also be conceivable in the event of a bullish trend reversal. Then Solana might climb above $14.88 and clear $15 as well. The price level between $25.89 and $27.80 should also be particularly exciting.
Bearish Solana Price Prediction: The bears have recently pushed the Solana price further down. The next target is $8.56, which is where the 38 Fib retracement of the long-term move sits. If cryptocurrencies continue to weaken in 2023, the correction might extend to $8.20 and then $7.18. A sell-off to the horizontal support zone at around $5 does not seem out of the question either.
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