Solana Price Prediction as SOL Jumps Up 68% in Just Two Weeks – How High Can SOL Go in 2023?
Solana price has upheld support above $20.00 against all odds and on the backdrop of the implosion of FTX, which threatened the survival of the ecosystem. The first meme coin on Solana, BONK Inu (BONK) had everything to do with SOL’s initial rally that kicked off in late December. Solana price extended the rally into the New Year as the meme coin hype exploded.
In just three weeks, SOL’s value has grown by over 150% to trade at $24.56. The smart contracts token tagged a new 2023 high of $26.53 but has retraced, possibly because investors are cashing out for profit.
Solana price must secure higher support, preferably at $24.00 to give bulls time to build momentum for the subsequent movements to the upside. Tentative support levels may be provided for by the tested accelerated rising trendline in confluence with the 50-day Exponential Moving Average (EMA) (in red) around $23.22.
If sellers become aggressive, Solana price will be looking down to the main rising trend line and the next buyer congestion zone at $20.00. Traders looking for long positions in SOL price should tread cautiously, keeping in mind the Moving Average Convergence Divergence (MACD) indicator currently features a sell signal.
If investors heed the call to lock in profits, Solana price will first drop to $20.00 before rebounding for a fresh attack on the seller congestion at $26.00 and $30.00. The ongoing pullback may not last long considering the Money Flow Index (MFI) indicator is back above the midline (50.00) and may close in on the overbought region, thus paving the way for more gains in the short term.
Solana price uptrend gives the impression of being intact on the daily time frame chart but facing resistance at $26.00. Also capping movement to the
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