Solana Price Prediction: The price of Solana (SOL) is rising while the price of Bitcoin is falling. After a big jump at the beginning of the month, there is more pressure to sell the smart contract coin. Based on technical research, SOL crypto is likely to go up soon.
During the first two days of the week, the price of Bitcoin went down. The price of the coin did not go above $27,700. BTC fell below $27,000 on Wednesday, but bulls quickly raised it above the important mark.
As a result, investors are less interested in altcoins because the markets aren’t dealing as much. The price of SOL was $22.01 at the time of writing, up a little from its weekly low of $21.50.
Solana is in Charge of Bringing in New Institutions
In terms of institutional inflows, cryptocurrencies just had their best week since July 2023, according to a study from Coinshares. New money worth $78 million has been put into the digital asset markets in the last week.
The study showed that Solana was the most popular altcoin because it got $24 million in new investments. This was the most money that had come into the native asset of the Solana environment since March 2022. This also explains why the price of SOL has been going up over the last few weeks.
10% Drop in SOL/BTC
It took a while for the SOL/BTC pair to break through the 0.0009 level after a strong rise from its September lows.
But the pair is still 18% up from its September lows, even though it fell 10% from its high last week. People who trade altcoins often see a big drop in the USD pair when the Bitcoin pair gets weak.
There is a line in the sand for me on the SOL/BTC pair at 0.00075. That’s where the 200-day moving average is.
If the price falls below the important moving average, I will change my estimate for the Solana price to be negative. The pair is trading above this indicator right now, and the picture is still good.
In 2023, Solana TVL Goes Up
The total value locked on the Solana blockchain has been going up since the beginning of 2023, as shown in the next TVL picture. The TVL on the layer 1 stage has gone up by almost 60% during this time.
The total locked value (TVL) can be used to figure out how busy the blockchain is and how many people are using a smart contract platform. It refers to the amount of money that users have locked up in different DeFi methods on a certain blockchain.
Technical Analysis of the Solana Price
The SOL/USD pair is 26% higher than it was in September. But bears have stepped in again in a shorter amount of time.
The price was turned down earlier this week from the middle of the long-term range. The 200 MA, which is around $21.04, will be the next important level to watch for a repeat.
It’s also important to note that the SOL price has made a higher high on the daily chart. This means that a test of the range highs around $27 is likely to happen again. The September CPI data, which is due out later this week, will also have a big impact on the prices of digital assets in the future.
- What Crypto to Buy in 2023: AI’s Top 7 Recommendations and Their Growth Potential
- Shiba Inu and XRP Price Prediction: What the Future Holds for These Two Cryptos?