SOL Price Analysis January 2023

SOL is a token of the platform Solana. Its current price is around $13.36 at the time of writing, with a low of $8.14, and it has a market cap of 4 billion dollars.

What is Solana(SOL)?

SOL is the coin of the Solana platform, which is around $13.36 at the time of writing, with a low of $8.14. It reached a high of $171.11, and its current ranking is #15, according to CoinMarketCap, with a market cap of 4 billion dollars. Solana is a blockchain platform that’s known for its speed and efficiency. SOL tokens power it, and people can use them for transaction fees. The project launched in 2017 and has grown to one of the fastest blockchains in the world.

SOL Coin Market Analysis 

SOL has a total supply of 537,823,022 coins worth around $13.36 with a market volume of 1 billion dollars, whereas the market capitalization is 4 billion dollars at writing. In addition, the number of daily active users on Solana’s blockchain has grown by 56,000 to 160,000. This is the same number it had in November but before the FTX crash.

External factors helped increase the positive momentum of the crypto market, which is why there was a similar spike in activity on the Ethereum and Polygon networks (both Solana’s competitors) this year. The Solana blockchain is pretty efficient and very stable. And it offers comparatively low transaction costs, which are good for users. These factors combined make the coin a potential long-term investment in cryptocurrency.

SOL Price Prediction

In the 2H timeframe, the price action of $SOL/USDT has broken the support trendline of the rising wedge. Currently, the price is going downward. Therefore, a further downward movement is expected from here. On the other hand, if the price breaks its horizontal resistance ray, as we marked above, the price action can go upwards.

For any time, on-demand analysis on $SOL or any other coin can join our Telegram channel.

Sol Price Analysis
SOL Price Analysis

Closing Thoughts

The Crypto market is known for its volatile nature. According to the above analysis, the coins we discussed might prove to be profitable if other market conditions prevail favorably. We suggest you engage in adequate research before investing in any digital assets.

Pratyaksh
Pratyaksh

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