Solana price outlook is bullish above $12.50, but it must break above the $17.50 resistance level to continue its uptrend. SOL has performed admirably, increasing by double digits since the start of the new year and it’s up over 5% on the day.
However, the reason for its continuous bull run could be attributed to the thriving crypto market, which has propelled many cryptocurrencies, including Solana.
SOLANA PRICE PREDICTION
PRICE : RISE⤴ in 60 min.
BUY 304.0 SOL for $16.47 apiece on Binance
Target price : $16.8
Amount: $5,007#Solana #SOL #Python #Binancehttps://t.co/gC32Ueifoo
Here is today's accumulated profits pic.twitter.com/EkVHaI4MCz
— Cryptocurrency Price Predictions (@cryptojohnsmith) January 12, 2023
The Solana network has picked up speed in recent weeks as a result of the current excitement and rise in meme currencies, which has resulted in an increase in both on-chain activity and trade volume. After a recent surge in momentum, Solana has begun to show signs of recovery. Furthermore, the number of daily active users on the Solana network has increased significantly, which was seen as another key factor that boosted the Solana coin.
Solana’s DeFi daily active users increased over the previous month, contributing to growth in Solana’s total value locked (TVL).
Fun fact: in the absence of functioning DeFi lending protocols, Solana's lending is NFT lending now. The largest NFT lenders @frakt_hq and @SharkyFi have >1 mln $sol of deposits.
This is ~40% of SOL deposits on @solendprotocol at the peak before the FTX collapse, impressive! pic.twitter.com/vTlGHiBWCa
— Texture (@texture_fi) January 11, 2023
Positive Mood in Crypto Market
Throughout the day, the global cryptocurrency market has been flashing green and gaining significant traction, raising cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and many more coins. The total market value of all cryptocurrencies, however, increased by more than 3% today, reaching $886.94 billion.
Positive economic developments such as the adoption of federal law in Dubai, FTX reclaiming customer assets, and an improvement in macroeconomic conditions were viewed as important catalysts for the cryptocurrency industry.
Solana Network Daily Active Users Have Increased Significantly
$SOL NEW ARTICLE : Solana daily active users surge: How will it affect SOL's performance in 2023? https://t.co/m9ke7BjOKE Get all the latest $SOL.X related news here : https://t.co/Z8wKihKj7c pic.twitter.com/qAT6DM3zCM
— STCK.PRO (@StckPro) January 11, 2023
However, one reason for this increase in daily active users is the growing interest in Solana’s DeFi and NFT sectors. Solana’s DeFi daily active users have increased, which has helped to increase the amount of money locked in Solana (TVL).
According to DeFiLlama, Solana’s TVL increased from $206 million to $242.77 million in a single month. Solana NFTs have also grown in popularity. According to Solana Floor data, the network’s NFTs are being purchased, sold, and exchanged more frequently.
The data below show that the total floor value of Solana NFTs has increased significantly over the last month. Solana NFT trading volume increased during the same time period.
Bearish US Dollar
Another factor that has aided cryptocurrencies is the fall in the value of the US dollar. The broad-based US dollar fell to a seven-month low ahead of US inflation data, which could shed more light on how far inflation has slowed in the world’s largest economy and the Federal Reserve’s rate-hike policy.
The current price of Solana is $16.70, with a 24-hour trading volume of $898 million. Solana has risen by over 5% in the last 24 hours. With a live market cap of $6 billion, Solana is now ranked #11 in the market.
On the technical front, Solana’s immediate support is $15.50, which has been extended by a 23.6% Fibonacci retracement level. On the upside, a bullish breakout of the $17.50 level could push the SOL price up to $20, which is the 38.2% Fib level.
Solana Price Chart – Source: Tradingview
On the upside, the next resistance level remains at $23.40, which has been extended by 50% Fib. On the downside, a bearish breakout of $15.50 could open the door to further selling until the $12.50 or $8.50 levels.
Check Out Some Alternative Cryptocurrencies
Following is a list of digital coins that are currently in presale but have already attracted investors due to their strong teams, novel ideas, and high potential.
Meta Masters Guild (MEMAG)
Meta Masters Guild, a mobile-focused gaming guild that will develop a variety of Web3 and play-to-earn games, has launched its presale today. Its games, which will run on Ethereum, will include playable NFTs as well as rewards that can be swapped for its native token, MEMAG, which can then be staked and traded.
It will be sold in seven stages, with the first – and current – offering 1 MEMAG for $0.007. This price will gradually rise to $0.023, resulting in a 228.5% increase for the first investors even before MEMAG becomes public. Meta Masters Guild is expected to grow rapidly when the platform launches its first game (Meta Kart Racers) in the second quarter of this year.
Moreover, if the broader market and world economy improve, its native token might be one of the primary winners.
Fight Out (FGHT)
FightOut is a blockchain-powered move-to-earn (M2E) software and gym chain that encourages and rewards users for staying healthy and active. Fight Out also promotes a sense of community in both local and online fitness communities. The app allows members of the community to participate in challenges and receive personalized training regimens with progress tracking.
Fight Out will provide an engaging and rewarding way for people to be active and healthy, while also encouraging Web3 technology adoption and creating a better society. Their FGHT coin presale has raised nearly $2.8 million.
Thanks to the collaboration of LBank Labs, Cryptonews.com, Transak, and BlockMedia Labs, who provide both financial and operational support, FGHT is a wise investment right now before prices rise in its second presale stage. There’s also the chance to get a 50% bonus right away.
Dash 2 Trade (D2T)
The revolutionary capabilities of Dash 2 Trade have the potential to revolutionize the cryptocurrency trading sector. Traders will have complete visibility and control over their assets, as well as access to a lively community where they can get information for thoroughly researching projects before investing, thanks to the diversity of instruments available.
The Dash 2 Trade software is intended to help both new and experienced traders establish trading strategies and use automated trading through exchange APIs. Furthermore, its token presale ranking system will provide clients the confidence to invest in new coins before they get mainstream.
The popular D2T presale has come to an end, and traders can trade it on Gate.io now.
C+Charge (CCHG) (CCHG) is a blockchain-based network that rewards electric car owners when they charge and use their vehicles. Its native token, CCHG, is currently available for purchase. Electric car adoption has skyrocketed in recent years all around the world.
The electric vehicle (EV) sector has emerged as a more ecologically friendly alternative to the existing automobile industry, which has been in desperate need of reform for a long time.
People may now buy EVs and participate in the green revolution thanks to firms like Tesla, Rivian, and others. To demonstrate its scalability, the network has already agreed to link 20% of Turkey’s EV chargers. 1 CCHG costs $0.013 and is available in BNB or USDT. So far, the presale has raised $261,990.
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Meta Masters Guild - Next Big Crypto Game
- Backed by Leading Game Studios
- Early Round Presale Live Now
- Low Hard Cap, No Vesting
- Playable NFTs, Rewards, Staking
- Solid Proof & CoinSniper Audited