Solana’s Outlook for 2023: Anticipating a Potential Upsurge in SOL Price?

SOL Coin Performance Overview

The performance of SOL coin has been mixed in recent times. Over the last month, it experienced a decrease of 13.09%, and over the last six months, it declined by 5.57%. However, it has shown a positive year-to-date return of 121.98%, accompanied by a negative one-year return of 37.46%.

Solana Network Market Movement

The Solana Network (BITSTAMP: SOL) has seen a decline of 18.93% in market value while simultaneously surging by 49.08% in trading volume within the last 24 hours, as reported by Coinmarketcap. Currently, its market value stands at $8,976,787,213, with a trading volume of $651,004,413. The circulating supply of SOL is 407,234,044.

Solana Coin’s Open Interest

The open interest of Solana coin (SOL) is $240.36 Million. According to Coinglass, this represents a 23.76% decrease in the previous session. The 24-hour long versus short ratio is 0.9433, with short liquidations amounting to $1.83 Million and long liquidations totaling $6.53 Million.

Solana Price Technical Analysis (1-Day Timeframe)

In the past two months, the SOL coin price has exhibited both upward and downward movements. It found support around $15.8006 and reached a high of approximately $28.3298, but also experienced a decline from this peak.

As of the latest data, SOL coin is trading at around $22.1491, positioned within a demand zone where liquidity is present. This suggests pending buy or sell orders, which can be observed on the daily timeframe chart of the Solana tool. The outcome depends on whether Solana price consumes liquidity and drops or finds support and rises.

If the current level is not sustained, the SOL coin price might continue to decline towards the nearest support levels at $18.9493 and $15.8006. Conversely, should the coin’s price hold and increase, it could target the nearest resistance levels at $25.1811 and $28.3298.

Currently, the SOL coin price (BITSTAMP: SOL) is trading below the 20-day and 50-day exponential moving averages (EMA), contributing to a downward trend in its price.

Technical Indicators Analysis

The MACD line at 0.1381 and the signal line at 0.1573 both lie below the zero line, crossing down and forming a bearish crossover in the MACD oscillator, indicating bearish signals. The RSI stands at 41.60 points, with the 14-day SMA at 50.84 points. This implies bearish sentiment as the RSI rejected the 14 SMA line and headed towards oversold territory, highlighting bearishness.


In summary, the SOL coin price prediction underscores bearish sentiments and perspectives in the daily time frame. Solana’s price action aligns with a bearish view at present. Additionally, technical indicators such as MACD, RSI, and EMA all point towards bearish signals for the SOL coin price.

Technical Levels

Support levels: The nearest support levels are $18.9493 and $15.8006.

Resistance levels: The nearest resistance levels are $25.1811 and $28.3298.

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