The cryptocurrency market is a very volatile place, with asset prices fluctuating drastically depending on a wide range of variables. Analysts and professionals frequently offer their thoughts and forecasts amid this volatility, assisting investors in navigating a turbulent environment. One such recent forecast is that Solana (SOL) won’t reach a new low in 2023, according to a well-known expert.
The analyst draws on historical background to support his arguments. The analyst compared 23 to 2019, saying, “While 23 is useful context, I don’t think BTC, ETH, and SOL make new lows in ’23 — 2022 was the low in my opinion.” To add to his explanation, he said, “That doesn’t mean we don’t take a punch, but if right, it means the long-term uptrend will continue into ’24 & ’25 — be wary of bottom vultures that’ll never buy.”
As of this writing, the price of Solana (SOL) is about $21.17. The price trend at the moment and the mood of the market do lend some credibility to the analyst’s estimate. But it’s important to take into account other aspects that might affect Solana’s cost.
Solana’s most recent “death cross” is one such element. A death cross, a technical chart pattern that suggests the possibility of a large sell-off, has historically been a negative indication. This might indicate a probable decline for Solana, which would go contrary to the analyst’s upbeat assessment.
The bitcoin market is also renowned for its unpredictable nature, despite the analyst’s estimate being based on previous data. The price of assets may be strongly influenced by a variety of variables, including macroeconomic considerations, technical improvements, and regulatory changes.
Additionally, the network’s health and prospective expansion might be inferred from the total value locked (TVL) on Solana at the moment, which is a measurement of the total assets staked or locked in the blockchain’s protocols. Unfortunately, we were unable to acquire the most recent TVL statistics for Solana at this time.
