Solana (SOL) was one of the fastest-growing cryptocurrencies in 2021, rising from less than $1 to over $200, with the project gaining a lot of attention for its lightning-fast transaction rates, low fees, and attracting a lot of developers to build on its blockchain.
Although decreasing from as high as $170 in January 2022 to as low as $9 in late 2022, the SOL has since been on a rising trend in 2023, with its price more than doubling from below $10 to over $26 at the time of publishing.
In turn, investors are curious as to where the potential price of Solana could end up by the end of 2023, taking into account its NFTs, network, community, and transaction speed. Using the projections made by CoinPriceForecast, the finance prediction platform that uses machine self-learning technology, SOL is expected to increase by the end of 2023, as per data retrieved by Finbold on February 20.
SOL started 2023 at $9.99, and it is currently trading at $26.31, so the price has increased by over 160% from the beginning of the year. The forecasted artificial intelligence (AI) price prediction at the end of 2023 is $39.22, a 48% climb from the price on February 20. Meanwhile, the year-to-year change is a 293% increase.
SOL price analysis
By press time, Solana was changing hands at $26.31 with gains of over 8.5% on the daily chart. At the moment, the price of SOL has a significant support level of $23.46, while the price of the currency has to break through the next important resistance level, which is $28.16. If the token can break above this level, the next target will be holding support above $30.
Solana’s technical indicators on TradingView‘s one-day gauges are bullish, with the summary aligning with the ‘strong buy’ sentiment at 16 while moving averages are for the ‘strong buy’ at 13. Oscillators are slightly less bullish, although still point to ‘buy’ with 3.
Solana network
As the popularity of non-fungible tokens (NFTs) continues to grow, it’s likely that Solana will continue to be a popular choice for developers looking to build NFT projects. This could lead to increased demand for SOL tokens, driving up the price. Solana-based NFT sales grew over 12% in the last 24 hours to $2.6 million per data from Cryptoslam.
NFTs have been a hot topic in the cryptocurrency space in recent years, and Solana’s fast and efficient blockchain has attracted many NFT projects to build on its network. One example is the Degenerate Ape Academy, which launched on Solana in October 2021 and quickly sold out its collection of 10,000 unique digital ape NFTs. Other popular NFT projects on Solana include SolSea, Star Atlas, and SolRazr.
This speed and efficiency has attracted many developers to build on Solana’s network, and the project has seen explosive growth in recent months. If Solana continues to attract developers and users to its network, it’s likely that the demand for SOL tokens will continue to increase, leading to a higher price.
For instance, the decentralized wireless communication network Helium (HNT) will entirely shift to the Solana blockchain by March 27, developers said on February 17. The shift will see HNT, MOBILE, and IOT issued on the Solana network, which will continue to be the tokens in the Helium ecosystem.
Based on Solana’s NFT potential, network, community support, and transaction speed, it’s likely that the price of SOL will continue to rise in the coming years. While it’s impossible to predict the exact price of Solana at the end of 2023, it’s clear that the project has a lot of potential for growth and adoption.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
