Continuing to rise since we entered 2023, Solana has recorded a serious rise today as well. Will Solana be able to maintain this momentum?
Solana (SOL) is up more than 169% in the last 24 hours, according to CoinGecko data.
Solana (LEFT) Analysis
Solana is an open source project that implements a high-performance and permissionless Blockchain. A central database has the capacity to process 710,000 transactions per second on a standard gigabit network, if the transactions average no more than 176 bytes.
When we look at Solana’s daily chart, we can see that it has regressed strongly from the $35 region to $13. With the advent of 2023, the SOL has been horizontal and has repeatedly lit green candles in the past few days. The next target on Solana could be the $20 zone. Apart from that, in a bearish scenario, the price can push us down to $9.
It is worth being careful as the RSI is in the overbought zone at 71.
All in all, it shows that the market is in an uptrend as the price is expected to rise in the coming days. The market will have difficulty sustaining these levels. However, the overall market sentiment is bullish. Technical indicators are in favor of the bulls, suggesting that further upsides are possible in the short term.