Price Analysis

Solana Price Post Highest Gains Since Nov. 2021 – Can SOL Rally to $30?

Author: Elena R

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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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The Solana price has rallied over 108 percent in the past two weeks to trade around $23.43 on Tuesday, January 14. The 11th largest digital asset by market capitalization is on the precipice of obliterating losses incurred following the FTX and Alameda implosion. A further increase in price towards $30 could mean Solana is out of the multi-month bear market, which began in November 2021.

However, Solana’s price is throttled by the ongoing FTX investigation, which revealed over $700 million in SOL and $500 million in SPL tokens about to be liquidated to repay creditors. According to aggregate data provided by Coinglass, over $5.18 million has been liquidated in the past 24 hours. 

As such, a pullback from the current levels could push Solana price correction to new lows in the coming weeks.

Nonetheless, the Solana ecosystem is well bolstered by a vibrant global online community and developers. As such, the likelihood of Solana’s price going parabolic from here is considerably high. However, since the Solana market is heavily affected by speculative trading, as it is with other crypto assets, the next move will largely be affected by Bitcoin’s price action.

Notably, the Solana ecosystem has been growing towards an interoperable Web3 industry with the introduction of the Saga mobile phone. As such, institutional investors are willing to connect with the Solana DeFi ecosystem to scale their operations.

According to our latest crypto price oracles, the Solana (SOL) network has a market capitalization of approximately $8,690,625,869 and a 24-hour trading volume of about $1.4 billion. According to data provided by defillama, the Solana ecosystem enjoys a total value locked (TVL) of approximately $279.67 million.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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