Solana Price Prediction: Could SOL Reach $500 in 2023? Top Analysts Weigh In

Join Our Telegram channel to stay up to date on breaking news coverage

Earlier this month, the United States Securities and Exchange Commission (SEC) sued two leading crypto platforms, Coinbase and Binance, for offering unregistered securities.

The SEC categorized the Solana cryptocurrency, SOL, as a security in the lawsuit. Although this is not the regulator’s first attack on Solana, the recent one negatively impacted SOL’s value.

After the SEC’s lawsuit, SOL lost over 40% of its price. However, some slight recoveries imply that the asset might soon be out of the woods.

Solana’s Past And Present Price Performance

Since the start of 2023, Solana’s price has seen dramatic surges, fluctuations, and losses. During the early days of June, Solana was bullish, climbing from $20.82 on June 1 to $21.82 on June 5.

Following the SEC’s activities in the crypto space, Solana lost most of its gains, recording $18.64 on June 8, $17.38 on June 10, and $15.02 on June 14. In the past 11 days, SOL has been within the $14 and $17 levels, trading at $14.49 on June 15, $17.26 on June 22, and $16.65 on June 25.

Although it’s still in the $16 level, SOL’s current price is increasing. Today, June 26, the coin is trading at $18.87, with a 1.76% price difference at the time of writing.

Until the SEC case with the top exchanges is settled and closed, SOL and many others could see more losses in the process. Meanwhile, some other factors, like the increased use of the utility-infused Solana blockchain, could drive more price rallies and bullish momentum in the long run.

Solana’s Price Outlook Based on Technical Indicators

The technical indicators on Tradingview is showing the possibility of Solana recovering its losses.

The Moving Average Convergence/Divergence (MACD) is above the signal line, indicating a bullish momentum in Solana’s market. Considering the bold green bar on the histogram, the asset will likely face strong price rallies, breaking out of the $16 mark before the day ends.

But SOL is trading below its 50-Day and 200-Day Simple Moving Averages (SMA), hinting at a strong bearish momentum in the short and long term. As such, Solana’s price could drop more or even stagnate within the $16 level for a longer period in the crypto market.

Solana Price Prediction: Could SOL Reach $500 in 2023? Top Analysts Weigh In — Source: TradingView.com

Nevertheless, Solana’s Relative Strength Index (RSI) indicator is in the neutral position of the market, sitting at 46.62 between the oversold zone and the overbought zone.

The horizontal trend of the RSI shows a competitive environment between SOL’s buyers and sellers. If it goes down toward the oversold, it means more sellers and more price losses before a trend reversal to the upside in the future.

However, if the RSI goes up towards the overbought, it means more buyers, tipping SOL to see more rallies before it becomes overvalued, leading to a trend reversal.

Note that cryptocurrencies are volatile and can deviate from expected price trends. Therefore, proper risk management approaches and technical analysis must be implemented before investing.

Experts’ Short and Long-Term Price Prediction 2023 to 2030

Based on fundamental and technical analysis, several crypto analysts have predicted Solana’s minimum, average, and maximum prices from 2023 and beyond.

Solana Price Prediction by Techopedia

According to Techopedia, SOL could see more moves toward the bear market if the SEC’s activities in the crypto space prevail. As such, SOL could be sold for around $8.

However, considering the Solana blockchain provides solutions and various utilities for developers in the crypto world, SOL could see increased demand. More demands could help it recover its value to at least a maximum of $20.5 and an average of $14.25 by the end of 2023.

Following potential developments and reduced SEC activities in the crypto space by 2024, SOL will have minimum, average, and maximum prices of $35, $42.5, and $50, respectively.

Also, in 2025, its prices will be $40, $65, and $90. In the next 5 years, SOL will see a bullish market, thus recording $77, $111.5, and $146 by 2030.

Solana Price Prediction by Changelly

According to Changelly, the minimum, maximum, and average prices for SOL by the end of 2023 could reach $20.37, $23.00, and $21.02, respectively. By 2025, analysts expect the crypto’s prices to reach a minimum of $40.27, an average of $41.47, and a maximum of $49.52.

Solana is expected to perform well in the next 5 years. Thus, its minimum, average, and maximum prices by 2030 could be around $233.09, $277.78, and $241.31.

Since there are predictions that SOL could reach $500 in the short term, investors can diversify their crypto portfolio with this new high-growth potential crypto, Wall Street Memes (WSM).

Alternative To Solana

Wall Street Memes (WSM)

Wall Street Memes is a new crypto project with a growth potential considering the performance of its token presale ($WSM) in the short term. Despite being meme crypto, the Wall Street Memes projects a promising price outlook while building a community for entertainment and humor across the internet.

Wall Street Memes, $WSM, is a digital currency gaining popularity through online memes and social media. It’s a form of decentralized money that operates independently of traditional financial systems.

The project’s community members can use it for trading and investing to make profits based on its value, often driven by internet trends. Currently, the $WSM tokens are in presale, selling for $0.0304, and are set to increase to $0.0307 in the next few days.

So far, the $WSM presale has raised over $10.5 million and is swiftly approaching its $11.7 million benchmark. Considering the selling speed of the tokens, the WSM presale could be boasting $11.7 million by the end of the presale.

While the presale is still on, interested investors can purchase the tokens with their ETH, BNB, or USDT balance. Or, they can use the card option to buy their $WSM tokens now.

Read more:

PlayDoge (PLAY) - Newest ICO On BNB Chain

Rating