By Mark Ackman
In the year 2022, the trading price of Solana (SOL) took a major fall. The trading price of the asset plunged tremendously in the year 2022 and the entire SOL community was not happy with the situation.
Many thought that the bears would be happy seeing the trading price of SOL experience a downturn. However, the situation did not turn out to be as expected.
It wasn’t the bears who would help the bullish trend after pulling the asset’s price lower, it was the sellers who had sold SOL in a great number in 2022.
This is the reason why the trading price of SOL plunged by 95% in the particular year. The only reason that the price of the asset plunged so badly was the network’s links with the notorious Sam Bankman-Fried.
The co-founder of the (bankrupt) FTX exchange was known for being among the top contributors and backers of the Solana network.
He was among the investors who had helped support the Solana network in its early stages. This led to the asset facing a major collapse in the wake of the FTX crash.
Things Are Looking Good in 2023
Despite the year 2022 being a disaster for SOL, things have started to take shape for the asset as the year 2023 has begun. The confidence level of the investors has risen and the price of the token has started to get pushed higher.
Since the beginning of 2023, a great improvement has been witnessed in the asset’s trading price and even now, things are looking bullish.
With the first quarter of 2023 coming to a close, the crypto communities including the analysts are excited to see how their preferred and invested cryptocurrencies have behaved in Q3 2023.
It is evident from the data visible for SOL that the community members of the particular token would be cherishing the situation. This is because so far, the trading price of the token has surged by 104%, from the beginning of 2023.
As of now, the trading price of SOL is standing at a high of $20.60 per SOL. The report goes to show that the year-to-date (YTD) growth rate of Solana is higher than all of the cryptocurrencies in the list of top-20 crypto by market valuation.
Even the major cryptocurrencies such as ETH and BTC have failed to catch up to the surge witnessed by SOL so far in the year 2023.
It best Month for SOL So Far
According to market observers, Solana had not delivered a better month since August 2021. However, the month of January 2023, managed to break the curse and the price push for SOL in the respective month was the highest since August 2021.
In January month, the trading price of SOL surged by 140%. Surprisingly, there were no fundamental or specific events that pushed the trading price of the asset higher.
The only factor acting positively in favor of SOL could have been the strong resolve of the investors in supporting all major cryptocurrencies as the New Year began.
As per the analysts, they could see a major sell-out for SOL in December 2022. The asset was sold so much that it ended up entering the “oversold” zone.
The analysts claim that it could have been one of the reasons in the background that might have added to the trend as the dip was being bought in greater numbers.
This goes to show that SOL has managed to make it past the difficult times that were invoked by the FTX fiasco. Things have started to fall in line for SOL and its price is now moving forward.
SOL Price to Test $26.50
According to the analysts, the trading price of SOL may start to get pushed upward with strong buying sentiments. If the rally and the bullish trend continue, then the asset’s price may surge to $26.50.