- SOL struggles to break past $25 as the price trades below the key resistance
- SOL price needs to rally past $30 for the trend to resume bullish momentum
The price of Solana (SOL) has seen more downside in the past bear market as its price was impacted by the collapse of FTX, LUNA, and other exchanges that affected the general impact of the crypto market.
Solana struggled with the bankruptcy of FTX as it has huge shares in the Solana project, considering how huge the project has been trying to solve the issues of blockchain congestion and gas fee hike due to so much demand on the Ethereum network.
Other Reading: Ethereum Struggles Below $1,900 As PEPE Outshines The Market
The price of SOL hasn’t shown the strength it has demonstrated in the past year, rallying from a low of $2 to a high of $245 as many labels this great project an Ethereum killer; the price dropped from its all-time high of $250 to a low of $8 before showing some strength to rally towards $25 where it faced resistance to rally higher.
With the price struggling to break past the high of $25, it remains uncertain if the price of Solana (SOL) can rally past the high of $100 as the market continues to look uncertain while meme coins continue to move on a rampage.
PEPE, a new crypto meme coin, has shown a great price rally since its inception n April 17th, 2023, as the price has rallied by over 2,500% in the past few days as many continue to speculate the new meme coin dethroning Shiba Inu and Dogecoin.
Solana Price Prediction For 2023
2022 has been a tough year for SOL as the price struggled with more downside to a region of $8. 2023 started looking promising for SOL as the price rallied to a high of $25, where it faced resistance to breaking higher.
Solana remains in the top 10 coins by market cap as this is a strong project with a big community despite facing tough times in previous months.
The price of SOL needs to break the region of $30 for the price to show real signs of relief bounce after dropping way below expectations. Reclaiming the region of $30-$35 would be huge for SOL to rally as high as $50.
