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Solana Price Prediction 2023 – Will SOL Recover to $20 in the Coming Days?

Solana (SOL), Price news: The most recent SOL price pump reenergized traders who suffered huge unrealized losses after the FTX crash. The coin’s price has been in a downward trend since November due to the FTX-related liquidity crisis. The SOL price suffered a significant blow due to the cryptocurrency’s association with the Sam Bankman Fried ecosystem. The recovery is surprising and unexpected in light of the negative sentiment that was felt around cryptocurrency last month.
Also read: Binance’s Assets Lose Nearly $12 Billion; What’s the Deal?

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The overall trend is bullish for cryptocurrency at the moment, but it remains to be seen whether there will be another rally in the near future. The Bollinger band indicator suggests that there could be a rapid Solana rally. This suggests that the recent price rebound could be a precursor for another quick pump. The moving average convergence or divergence, also known as MACD, points to growing bullish momentum in cryptocurrency.
If the SOL price reaches the $15 mark, the $18.10 mark is considered the next resistance level. The milestone was reached all the way to $17, but it did not reach $18. According to CoinGape’s price tracker, SOL price is at $16.23, a decrease of 0.54% over the last 24 hours. The SOL token saw a dramatic 44% increase in weekly prices at one point.
Weekly gains were second only for Lido DAO, which saw a 60% increase due to Ethereum upgrade anticipation. The market cap of the 11th ranked cryptocurrency is currently $6 billion, compared with $13 billion in November 2022’s first half.
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Also read: Grayscale Bitcoin Trust (GBTC), Jumps 12% in a Relief Rally. Will it Sustain?
Another potential price pump could also trigger the SOL token’s price to $20. This could also be a catalyst for the psychological recovery of its FTX affiliation.

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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

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