After the stock market crash of late last year, the crypto landscape is on the road to recovery, with altcoins leading the way. Solana (SOL) is one of many altcoins, and it kicked off the weekend with an explosive start.
According to Data per CoinGecko, SOL has gained 40% in the past 24 hours, sparking excitement across the Solana ecosystem. While it is unclear how long the altcoin can maintain such momentum, these significant price gains indicate growing positive sentiment among investors.
Interestingly, following its price rise, Solana (SOL) even overtook Polygon (MATIC) in market capitalization, becoming the 10th largest cryptocurrency. However, that was only for a short time as the Ethereum-based token has since regained its position.
At the time of writing, SOL is trading at a price of $23.75 with a 24-hour trading volume of $2,499,092,493 based on Data from CoinGecko. That said, the market cap of the token is pegged at $8,820,357,518, with a circulating supply of 370,622,211.
SOL is trading at $22.42 | Source: SOLUSD chart at Tradingview.com
Solana has been making headlines lately
Prior to today’s development, Solana was one of the altcoins in the headlines, primarily due to its impressive price action. On December 30, 2022, Ethereum founder Vitalik Buterin tweeted a statement expressing support for Solana after the token’s value plummeted 20% late last year due to the FTX crisis.
Within 24 hours of Buterin’s tweet, SOL’s price jumped 12% from around $8.19 to $9.50. At the start of the second week of 2023, SOL was trading at a value of $17.1, which represents a price increase of approximately 80.63% in just over a week. Since then, SOL has been trending sideways until its price spike today.
Besides Buterin’s tweet, another propelling force behind Solana’s price actions was the massive price movements of the Solana-based BONK coin.
Earlier this year, BONK, a new meme coin launched on December 25, gained more than 2000% during the first week of the year, becoming the biggest meme piece in the Solana ecosystem.
Although BONK quickly collapsed by 50% after its formidable bull run, there is still a lot of optimism around the meme coin as many investors expect it to be able to return to previous high price levels in the coming weeks.
Price prediction for Solana in 2023
According to the best price prediction site, portfolio investor, the price of SOL could fall as low as $5.875 in 2024, indicating a plausible decline of 73.836% from the current market price.
However, Coincodex predicts an overall bull market for Solana this year. The team expects SOL to trade at a value of $67.64 by 2024 if the altcoin follows the internet’s growth trajectory over the next 12 months.
Regardless of price predictions, Solana has started the year strong and looks to be one of the most promising projects for 2023. That said, investors are reminded not to rely on price predictions when considering make investment decisions; rather, they should do their due diligence while consulting financial experts in the market.
Featured Image: Solana.com, chart from Tradingview.com
