Solana Price Prediction as $500 Million Trading Volume Makes Waves – Where Will SOL Find Its Bottom?

Solana is one of the cryptocurrencies in the market, maintaining a bullish momentum since regulatory activities increased.

Despite being mentioned as a security in the recent SEC lawsuits against popular crypto platforms, Coinbase and Binance, Solana is still making waves in the crypto market.

Today, June 20, 2023, its 24-hour trading volume has surged by 48.83% at the time of writing, showing the possibility of Solana hitting new prices in the course of its trades.

Furthermore, Solana is currently priced at $15.83, indicating a 2.06% price increase compared to its yesterday’s record. Despite the crypto’s dramatic price performance, crypto enthusiasts are keen to know where it would find its support in the long run.

Solana’s Past and Present Price Action

Since the start of 2023, Solana has been on a bullish trend amid persistent fluctuations, which caused it to trade between $9 and $26 in the last 5 months (January to May).

At the beginning of June, Solana recorded $20.82 (June 1), after which it climbed to $21.82. As the regulatory crackdowns surfaced, Solana began to retrace. From June 8, the crypto’s price went from $18.64 to $14.76 (June 16).

Meanwhile, in the last 2 days, Solana has faced more short-term price gains, recording $15.31 and $15.65 on June 17 and 18, respectively. The increased transaction record on Solana Chain from the Star Atlas Game (Escape Velocity) may drive this new price gain.

Moreover, comparing Solana’s price today, June 20, with its price on June 18, the crypto has further increased by 2.19% at the time of writing. So, Solana is trading at $15.84 and could see more rallies before the day ends. 

Solana’s Price Outlook with Technical Indicators

Despite the price gains of Solana today, the crypto is projecting a short and long-term bearish signal amid potential rallies.

According to the Moving Average Convergence/Divergence (MACD) indicator below the signal line, Solana (SOL) is likely to trade in red throughout today.

Meanwhile, considering the faded red bar on the histogram, SOL could see new price gains in the short period. On the other hand, the Relative Strength Index (RSI) indicator is at 38.34, representing the crypto’s neutral market. 

However, the RSI’s downward movement indicates more BUY trades, suggesting a potential approach toward the oversold zone (below 30). 

Also, SOL is trading below its 50-Day and 200-Day Simple Moving Average (SMA), representing a bearish momentum in the short and long term. As such, Solana will likely make more red candlesticks on the chart in the coming days to week.

Moreover, the death cross on the chart indicates Solana’s price weakness in the long run. As such, the crypto will likely stagnate within the $15 and $16 levels for longer.

Solana’s Support and Resistance

Solana has two support levels at $9.47 and $13.53. In contrast, its resistance levels are $20.84 and $25.42. SOL is trading above its strongest support level, suggesting potential price fluctuations in the nearest future. On the other hand, its resistance levels indicate the possibility of SOL hitting new milestones in the long run.

Experts’ Price Prediction for Solana from 2023 to 2030

Several crypto experts and analysts have made short and long-term predictions for Solana based on fundamental and technical indicators. As such, here are experts’ price predictions for SOL from 2023 and beyond.

SOL Price Prediction by CoinPedia 2023 to 2030

According to CoinPedia, SOL is expected to reach a maximum price of $36.87, an average of $29.68, and a minimum of $22.18 by the end of 2023.

In 2024, SOL is expected to have a minimum of $36.59, an average of $44.31, and a maximum of $61.22. Furthermore, by 2025, SOL should reach at least $86.97 (maximum), $70.54 (average), and $54.92 (minimum).

In the next 5 years (2026 to 2030), Solana’s maximum prices are expected to reach $107.26, $129.54, $162.81, $202.46, and $247.13, respectively.

The average prices within these years are also predicted to reach $91.06, $111.72, $138.32, $171.94, and $217.44, respectively. Moreover, the minimum prices will be $73.66, $92.81, $114.26, $142.35, and $186.91, respectively.

SOL Price Prediction by Changelly 2023 to 2030

Changelly tips SOL to reach maximum, average, and minimum prices of $21.91, $19.29, and $18.66 by the end of 2023. The crypto’s price in 2024 is expected to reach at least $31.87 (maximum), $28.03 (average), and $27.07 (minimum). 

By 2025, Challengelly predicts the minimum, average and maximum prices of SOL to be at $39.21, $40.33, and $48.34, respectively.

From 2026 to 2029, Challengelly expects Solana to perform well. Thus, by 2030, the crypto should reach a maximum of $307.29, an average of $263.70, and a minimum of $254.71.

Note that digital currencies are volatile and can vary from predicted price behavior. Therefore, proper risk management approaches and technical analysis should be in place before investments.

Factors Influencing Solana’s Price

Several factors can impact Solana’s market price, including public sentiment, the flow of assets on various exchanges, project developments and news, and emerging trends within the crypto/global economies.

Notably, one factor that could be the driving force of SOL’s bearish momentum is the recent regulatory crackdown in the crypto space.  Notwithstanding, a majority of the implicated crypto owners are pushing back against the SEC’s “Security” Label.

Solana, Polygon, and Cardano Disagree to SEC’s ‘Security’ Label on Their Tokens

The firms behind some popular cryptocurrencies have voiced out against the recent SEC (Securities and Exchange Commission) claims that labeled Solana (SOL), Cardano (ADA), and Polygon (MATIC) as securities.

In the SEC’s lawsuits against two popular crypto exchanges, Coinbase and Binance, last week, these three cryptos and many others were named as examples of securities traded on the exchanges above.

Following this event, SOL, MAIC, and ADA have plummeted around 30%, facing dramatic losses in the period of the news.

Reportedly, on June 6, the founding organization of Cardano, Input Output Global (IOG), disagreed with the SEC’s claim, stating that its token, ADA, has never appeared as a security under the securities law of the United States.

As of Saturday, June 10, the Switzerland-based Solana Foundation also disagreed with the claim despite having less conviction.

In their Twitter post, the Solana Foundation said, “It disagrees with SOL’s characterization by SEC as a security.”

It further explained that “regulatory clarity” is a problem affecting every other organization in digital assets “growing” in the United States.

Meanwhile, Solana’s community members are contemplating splitting and developing a new network as it could be an ideal option to protect SOL, just like Ethereum did during the 2016 DAO Hack.

Although the debate on the viability of forking SOL is ongoing, some crypto enthusiasts believe this technique will sustain the crypto in the long term.