As we enter 2023, some tokens in the crypto money market have increased, albeit on a small scale. One of the notable ones among these rises was experienced in Solana, one of the leading altcoins.
Solana (SOL) has gained more than 16 percent in the last 24 hours, according to CoinGecko data.
Solana (LEFT) Analysis
Solana is an open source project that implements a high-performance and permissionless Blockchain. A central database has the capacity to process 710,000 transactions per second on a standard gigabit network, if the transactions average no more than 176 bytes.
When we look at Solana’s daily chart, we can see that it has regressed strongly from the $35 region to $13. After that, the SOL has been horizontal and has repeatedly lit green candles in the past few days. The next target on Solana could be the $16 zone. Apart from that, in a bearish scenario, the price can push us down to $9.
Apart from that, when we look at the reason for the decline in Solana, we can say that there is currently an uncertainty about the future of SOL due to its close connection with FTX. This has caused users in the crypto community to lose confidence in SOL’s future prospects. However, Delphi Digital, a financial analysis firm, tweeted on January 1 that Solana processes more transactions than any other blockchain, making it a popular and heavily used platform.