Solana, despite recent setbacks and challenges, is now showing strong signs of recovery and resilience. Achieving 100% uptime this year and nearly doubling its total value locked (TVL) from $210 million to $415 million since the beginning of 2023, Solana is capturing the crypto industry’s attention once again.
Since the SBF verdict, Solana (SOL) has lost over 5% and over 12%. After a market rise, SOL price has formed a rising channel. First time since July, Solana broke $28.16 resistance.
As the industry shifts focus from past issues, including the FTX/Alameda incident, and anticipates the next Bitcoin halving in 2024, the question arises: what does the future hold for Solana? Analysts predict better times for Solana. Can it beat Bitcoin and ETH?
Analyst Bullish Outlook on Solana
Raoul Pal, a former Goldman Sachs executive, in the latest interview on the Crypto Banter YouTube channel, has expressed high expectations for Solana (SOL), a prominent smart contract platform often seen as a competitor to Ethereum.
Pal believes that during the next bull market, Solana could reach the peak, potentially ranging between 1,097% and 2,294% from its current levels. At present, Solana is trading at $41.76, marking an impressive 300% increase since the beginning of 2023.
“My idea is somewhere between $500 and $1,000, just depending [on] what that market feels like.”
Analysts see the crypto market’s future hierarchy will likely see Bitcoin leading, followed by Ethereum, and then Solana. However, he acknowledges the possibility of being taken by surprise by the rise of another digital asset, though he doesn’t specify which one. Pal emphasizes the relative simplicity of making a macro bet on Solana due to its evident strengths. He notes its resilience in the face of crises, successful launches, ongoing technological advances, and a strong and engaged community.
Pal’s bullish stance on Solana highlights his belief in its substantial impact on the crypto space. He sees Solana’s strong fundamentals as a distinguishing factor in the realm of blockchain and DeFi. It’s crucial to note that crypto markets are inherently volatile, and FTX’s influence should not be underestimated. Notably, an extra $65 million in $SOL tokens from FTX wallets have recently moved to exchanges.
SOL To Reach $100 in 2023?
The outlook for the 7th largest token SOL’s price is on a pivotal edge. If it manages to breach the resistance at $42.50, it may surge towards $46.83 and even reach $50.
Conversely, a breakdown below the support trendline could lead to a decline to $38.77, and further down to $33.29.
However, if the crypto market faces uncertainty, SOL might experience a significant drop, potentially testing $24.25. Investors are closely watching these levels for potential shifts in SOL’s price trajectory.