Solana (SOL) is among the best-performing crypto assets in 2023. Since January of this year, the token’s price has risen by over 460%, outshining Bitcoin’s (BTC) 125% rise in the same time frame. However, despite the massive surge this year, SOL’s price has faced a correction recently. The token is down by 4.2% in the last 24 hours and 6.7% over the previous week. Nonetheless, it is still up by 73.1% in the monthly charts.
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Moreover, analysts anticipate SOL to continue rallying in the near term.
Solana to rise 47% and hit $82
According to analyst and trader “Bluntz,” SOL could rise to around $70 and then hit $82.50. The price rise translates to a growth of about 47% from current levels. The analyst also highlighted that SOL’s recent fall to $54.78 was a red flag.
Furthermore, according to DefiLlama, Solana (SOL) has seen a surge in trading volume across its decentralized exchanges (DEXs). SOL’s incredible performance in 2023 has grabbed the attention of several traders and investors.
Despite fears of FTX, the defunct crypto exchange, getting a green light to liquidate its SOL holdings, investors continue to purchase the asset, showing their confidence in the project. SOL was one of the worst affected projects due to the collapse of FTX in November 2022. SOL makes up the most significant portion of the exchange’s holdings, possessing over $1 billion worth of the asset.
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Additionally, CoinShares’ fund flow reports have shown that SOL continues to see an inflow of funds for many consecutive weeks, further solidifying its position.
Analysts anticipate Solana (SOL) to continue its bullish trajectory well into next year. Moreover, researchers expect a bull run for the crypto market in 2024, which may further push SOL’s price. Some even expect the asset to reach a new all-time high, surpassing its previous peak of $259.96, which it attained in November 2021.