Solana (SOL) has experienced an up and down year in terms of its market performance and investors’ confidence in the crypto asset. The top 10 asset in the cryptocurrency sphere was dealing with a downtrend in November 2021, trading around the $10 support zone. After dropping to a low of almost 200 dollars, Bitcoin began moving up and turned the short-term sentiment bullish.
This surge allowed Solana to record a 175 percent increase in 21 days. However, it was unable to break the $26-$28 resistance mark which served as support from June-November 2022.
AMBCrypto’s prediction bot suggests that in the most intuitive scenario for 2023, SOL will go up to 75.50 dollars. To gain more insight into the asset, investors can even turn to ChatGPT 4.0 chatbot. This AI-powered tool doesn’t guarantee factually accurate insights, but it can provide valuable insight with the help of data points from the present and the past.
Sam Bankman-Fried’s charges of defrauding FTX investor caused great shock and led to a boost of distrust in Solana. The foundation also sold 58.08 million SOL tokens, valued at almost 1.1 billion dollars in December, which further impacted its price.
This made Solana drop by 79.4 percent, to $8. In early January 2021, the network launched Bonk, a meme coin within the Solana ecosystem modeled after Shiba Inu. This injection of fun narrowed the impact of the theft and led to dramatic 179.88 percent increase in the asset’s value.
The Relative Strength Index (RSI) and On Balance Volume indicate that Solana is not facing pressure from either bulls nor bears. Furthermore, despite the numerous setbacks it faces, development at the utility and partnership level laid the foundation for investments moving forward.
About the Solana Network
Solana is a lightning-fast project that quells the scalability issues other blockchain networks face. As a proof-of-stake blockchain, the network runs on a carefully tuned, validator-centric consensus system called Clock. This solution allows for fast and secure transactions for decentralized applications and enables efficient scaling without sacrificing decentralization or security.
About Sam Bankman-Fried
Sam Bankman-Fried is a widely recognized crypto entrepreneur and investor, who served as the CEO of one of the largest cryptocurrency exchanges, FTX. He was one of the earliest advocates and promoters of the Solana network, however the SEC has charged Bankman-Fried with defrauding FTX’s equity investors and undisclosed venture investments of its customers. He faces a potential sentence of up to 100 years in prison if convicted.
