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Solana Price Prediction as SOL Spikes Up to $23 – Can SOL Reach $1,000 in 2023?

Simon Chandler
Last updated: | 3 min read
Source: TradingView

The price of Solana (SOL) has risen by 1.5% in the past 24 hours, with its move to $23 coming as the cryptocurrency market as a whole barely moves today.

SOL remains down by 6.5% in the last seven days but is up 19% in the last month and by 130% since the beginning of 2023, with the altcoin recovering significantly this year after a difficult 2022.

Its regathering of strength in the past few months puts it in a good position to secure further gains in the near future, with Solana as a platform witnessing an increase in usage that will help push up SOL’s price going forward.

Solana Price Prediction as SOL Spikes Up to $23 – Can SOL Reach $1,000 in 2023?

As far as SOL’s chart and indicators are concerned, the altcoin is in an oversold position that should lead to a recovery soon enough.

Source: TradingView

Firstly, SOL’s relative strength index (purple) has begun climbing again after hitting 30 yesterday, indicating a modest growth in momentum that could translate into noticeable gains in the next few days.

Secondly, the coin’s 30-day moving average (yellow) has just slipped below its 200-day average (blue), forming a ‘death cross’ that often signals further losses before an eventual recovery.

While such a cross may indicate that SOL will fall a little further before it rises again, the coin’s support level (green) would suggest that any further drops aren’t going to be too significant.

And in terms of Solana’s fundamentals, it’s likely that SOL will see gains sooner rather than later.

On the one hand, Solana has restored its credibility after a difficult 2022 that saw it suffer numerous outages, with its blockchain now reporting 100% uptime since February 25.

<oembed url="https://twitter.com/PsyOptions/status/1685993485114232832[/embed]

And on the other hand, Solana has recently celebrated a number of important updates that will likely see its adoption and usage levels increase over time.

This includes last month’s release of Solang, a compiler that will enable developers to build apps for Solana using Solidity, a programming language primarily used with Ethereum.

<oembed url="https://twitter.com/solana/status/1681654377059319808[/embed]

In other words, this update is likely to result in more development and more apps for Solana, since developers now know that the apps they build for Ethereum can also be made to work on Solana too.

More generally, Solana is now also home to a number of projects that are gaining real-world traction, with Helium – a decentralized wireless communication network – seeing usage in multiple countries and areas worldwide.

<oembed url="https://twitter.com/helium/status/1684707461175943168[/embed]

This highlights the potential of Solana for big things in the not-too distant future, with SOL likely to grow in parallel.

From its current level of $23, the altcoin may return to $50 in the next few months, before potentially seeing out the year at $100.

New Altcoins With Big Potential

While Solana is arguably one of strongest altcoins in the cryptocurrency market, it isn’t the only token with good potential for rallying this year, with some newer coins arguably showing even more likelihood of enjoying big gains.

In fact, there are some presale tokens out right now that look set to rally substantially in the next few weeks, once their sales have ended and they list on trading platforms.

One of these tokens is XRP20, an ERC-20 version of XRP that has already raised $400,000 in its presale, which began only this week.

<oembed url="https://twitter.com/XRP20_coin/status/1687380690331963392[/embed]

XRP20’s presale provides investors with the chance to buy the token at the price of $0.000092, which is significant in that it’s the price XRP itself reached way back in 2014.

Yet not only does the token offer buyers the opportunity to make up for missing out on XRP the first time around, it also enables them to stake their tokens and earn a passive income at the same time.

XRP20 will have a total maximum supply of 100,000,000,000, with 40 billion earmarked to the presale and another 40 billion being set aside for staking rewards.

<oembed url="https://twitter.com/XRP20_coin/status/1687131351395241986[/embed]

On top of this, 10% of its total supply will be burned over time, with 0.1% of every transaction also being burned.

This will make XRP20 distinctly deflationary, something which should help push its price upwards over time.

And investors can buy some of the token before it rises in price by going to its official website and connecting their software wallets, with the coin purchasable using ETH, USDT or fiat currency.

Visit XRP20 Now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.