Insights Analysis Solana Surges to 2023 Highs – What’s Next?

Solana Surges to 2023 Highs – What’s Next?

July 14, 2023 Analysis
BITmarkets | Solana Surges to 2023 Highs – What’s Next?

The price of SOL, Solana’s underlying digital asset, soared to 2023 highs amidst the historic rise of the XRP cryptocurrency after Ripple Labs secured a partial win against the United States Securities and Exchange Commission (SEC).

As of July 14th, the popular digital asset surpassed the $30 price-tag, banking a market capitalization of more than $10.7 billion on the day. Our data indicates that Solana’s trading volume surpassed the $2 billion mark for the first time since January 13th of the current year.

The positive escalation not only eliminated the losses from the previous month but also reclaimed a price-tag not seen since the infamous FTX collapse in November of 2022.

At the time of writing, SOL managed to grow more than 27% in one weeks’ time; the surge is predominantly attributed to the gains witnessed in the past 24 hours of more than 19%. Yet, the yearly readings show a different story. Today’s price-tag of $26 is miles away from what was once a digital asset worth nearly $35 one year ago.

To determine whether the time is right for purchase or sale, it’s key to simply label the apparent resistance and support levels. The support zone by $20 has been surpassed, and SOL is currently in the playing field of the resistance zone ranging from $25 to $30.

After strong price surges, the coin may enter a deeper correction phase and subside further, which may indicate that it may be best to await a more lucrative entry point for purchase. Yet, given the volatile and fast-paced nature of cryptocurrencies, and the contagious bullish sentiment among crypto market participants, Solana may indeed surpass the next resistance mark of $38 in the coming month.

Solana has been a game changer in the realm of crypto. Regarded as the 7th largest cryptocurrency by market capitalization, SOL’s all-time high of $260 is miles away from today’s valuation after being battered by inflationary pressures and growing investor skepticism during the past year.

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