Insight from the Top
Any crypto trader who hasn’t been living under a rock in recent weeks is already aware of the positive remarks made by Ethereum founder Vitalik Buterin.
In a tweet, Buterin stated that the Solana blockchain “has a bright future,” suggesting that the darkest times might be behind it. He also hinted that a group of “smart” developers could soon be joining or have already joined the ecosystem, signaling growing support from those who are in the know.
Sommige slimme mensen vertellen me dat er een oprechte gemeenschap van slimme ontwikkelaars is in Solana, en nu de verschrikkelijke opportunistische geldmensen zijn weggevaagd, heeft de keten een mooie toekomst.
Hard for me to tell from outside, but I hope the community gets its fair chance to thrive????
— vitalik.eth (@VitalikButerin) 29 december 2022
Let’s pause for a moment before moving forward. Considering how figures like Sam Bankman-Fried have shaken investor confidence to the core, it’s unlikely that a respected figure like Buterin would make such positive statements without any merit. He is acutely aware of how baseless claims can harm a project’s value if found to be empty promises.
De harde feiten
We all know that confidence—both short-term and long-term—is not built solely on the opinions of individuals with large stakes in the success of the crypto industry. Buterin may head a competing network, but it benefits him to foster a positive outlook on the broader crypto ecosystem. This is why it’s crucial to examine recent SOL price movements.
About two months ago, I wrote an article analyzing how much further Solana might fall in light of token liquidations. In that piece, our team highlighted that $10 could present a good buying opportunity.
It appears that prediction was spot on. SOL is currently trading just above $13 per token, with its 24-hour volume peaking at $1.43 billion on January 4th. This is the highest volume seen since late November 2022.
Looking at the medium-term, SOL hit a low of $8.28 on December 29, 2022. With the current price of $13.18, that marks a 59 percent increase in less than two weeks, which explains why traders are regaining interest.
The Bigger Picture
This brings us to the logical question: Why are some investors increasingly confident about a potential bullish run for SOL in 2023? Once again, we must consider the “smart money” Vitalik Buterin referred to in his tweet. One recent example is the launch of BONK, a new meme coin on the Solana network. As of January 3, 2023, the number of BONK e-wallet transactions surpassed the total transactions on the Polygon network.
Let’s also consider the broader fundamentals. Crypto sentiment has generally become more positive since the start of the new year, a trend typically seen in most financial markets. Many believe that while Solana is a volatile asset, it is also undervalued. Additionally, there is growing sentiment that a Bitcoin surge in 2023 could provide much-needed stability to the crypto market as a whole.
How High Can We Go?
So, how high could SOL’s price go in 2023? This is the million-dollar question, and even the experts are hesitant to make overly optimistic predictions. Some believe the market could see a five-fold increase (to about $65), while others are more conservative, predicting resistance levels between $35 and $45. These differing predictions will largely depend on a variety of yet-to-be-determined factors, such as:
- Whether any new crypto scandals emerge.
- If Bitcoin can achieve stable bullish momentum again.
- If Solana has additional network projects in the pipeline.
- The possibility of governments taking steps to regulate the crypto sector.
That said, it’s clear that Solana is here to stay. Assuming current trends hold, smart money suggests that Solana could be one of the key players in the 2023 crypto market.
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Disclaimer: Crypto is extremely volatile and not suitable for everyone. Never speculate with funds you cannot afford to lose. The information provided here is educational and not financial or investment advice.
