Solana (SOL) has risen from $9.96 on Jan. 1, 2023, to $19.95 at press time. The growth represents more than 99% growth in just six months. However, the token did take a bit of a beating when the U.S. SEC (Securities and Exchange Commission) filed a lawsuit against two industry heavyweights, Binance and Coinbase.
Moreover, in its suit against Coinbase, the SEC named Solana (SOL) as an unregistered security. Other tokens that were also mentioned in the same light include Polygon (MATIC), Cardano (ADA), Filecoin (FIL), ATOM, SAND, MANA, ALGO, AXS, and COTI. The development has caused some panic among investors. One Polygon (MATIC) whale removed $42 million worth of tokens from Binance and sent it into an unknown wallet.
However, the recent beating is nothing compared to the bloodbath SOL went through after the collapse of FTX. The project seems to have gotten over the woes of 2022.
Will Solana reach $35?
Reaching $35 from current levels would mean a growth of around 76.5%. This is achievable for Solana (SOL), given that the project has grown more than 99% this year. However, given the market condition at the moment, growth may be slow.
SOL currently faces resistance at around $20.66, with support at $19.64. SOL hit a high of approximately $27 on Feb 20 of this year and has been on an ebb and flow thus far.
According to the machine learning algorithm by PricePredictions, SOL is poised to rise throughout this month. The platform forecasts that SOL will hit $24.36 by the end of June.
At press time, SOL was trading at $19.95, down by 0.9% in the last 24 hours and by 3.8% over the previous week. Moreover, the token is down by a whopping 92.37% from its all-time high of $259.96, attained in November 2021.