On the upside, buyers need to break above $30.20 for SOL to gain momentum. Until then, we can expect some sideways trading in the near term as investors are wary of making any drastic moves at these levels.
However, the falling volume in recent trading sessions suggests that a prolonged sideways movement between $19.30 – $24.30 is likely to happen before SOL makes a move higher.
Fundamentally, Solana has been making great strides over the last few months with strong partnerships and projects being announced. This could help fuel a bullish trend in the long-term, as more investors and traders become aware of the potential opportunities in SOL.
Additionally, the potential for SOL to move higher should become clearer in the coming weeks as Ethereum’s scaling issues come under more intense scrutiny. If ETH fails to address its concerns in a timely manner, Solana could be poised for a strong run-up from current levels.
On the daily chart, there is the formation of several flag and pennant patterns which suggests further consolidation towards the end of the week. Furthermore, buyers need to break above $30.20 for SOL to gain momentum but until then we can expect some sideways trading in the near term as investors are wary of making any drastic moves at these levels.
Solana is an interesting altcoin worth keeping an eye on in 2023 as it has a lot of potential for long-term growth. With that being said, traders should always be aware of the risks associated with investing in altcoins. As such, it is important to do your own research before making any decisions. The cryptocurrency market remains a volatile one and investors should proceed with caution at all times.
It is important to remember that investing in cryptocurrencies involves a high degree of risk and investors must do their own due diligence before making any decisions. With due diligence and smart decision-making, SOL holders can look forward to potential future gains.
Conclusion
Overall, it appears that Solana is in a good position to maintain its current price level. With strong fundamental developments and cautious trading activity, SOL holders can look forward to potential future gains. However, investors must do their own due diligence and remain alert to changes in the market before making any decisions regarding their investments.
The content above is for informational purposes only and should not be taken as financial advice. All investments involve risk and investors should conduct their own research before making any decisions. Be sure to consult a qualified financial professional before investing.
