• Solana price has yielded 125.88% gains for holders since the beginning of 2023, against Bitcoin’s 78%. 
  • The Ethereum-killer outpaced large market cap assets with its bullish catalysts in product updates and launch of the Saga phone. 
  • Solana price more than doubled in 2023 and wiped out a majority of its losses since the FTX exchange collapse. 

Solana, an Ethereum-alternative project, has more than doubled in price in 2023. The token outpaced Bitcoin, the largest asset by market capitalization, in its year-till-date returns. Interestingly, SOL price has wiped out most of its losses from the 2022 FTX exchange collapse. 

Also read: Dogecoin kicks FLOKI and Shiba Inu to the curb with least percentage of holders underwater

Solana outperforms the largest cryptocurrency in 2023

The Ethereum-killer token, Solana, has yielded 125.88% gains for holders in 2023. The altcoin outpaced Bitcoin and several large market capitalization assets as its price more than doubled since the beginning of 2023. 

During Samuel Bankman-Fried’s FTX exchange collapse in 2022, SOL price nosedived 94%. Since then SOL price has recovered, shedding its association with the collapsed exchange and its founder. 

SOL price chart

SOL price chart 

Against Solana’s massive gains, Bitcoin price yielded nearly 80% gains for holders since January 1, 2023, as price climbed from $16,000 to nearly $30,000. Solana has nearly recovered from the FTX exchange fallout. 

Bullish catalysts driving Solana price rally

The key catalysts driving Solana’s price rally in 2023 include the development and launch of the Saga mobile phone, Solana’s growing NFT ecosystem and higher utility of the blockchain with a large number of DApps joining the network. 

These catalysts have fueled SOL price recovery. Post FTX fallout, SOL price plummeted to $13.25 in November 2022, and made a comeback to $22.49 in April 2023. 

What to expect from SOL price

Solana price is currently in an uptrend that started in the beginning of 2023. The altcoin’s price more than doubled, wiping out nearly 50% of the losses from the FTX exchange fallout, at its 2023 peak of $27.11. 

At press time SOL price is above its 10 and 50-day Exponential Moving Averages (EMAs) and the 200-day EMA at $25.18 is the immediate resistance for Solana. Other key resistances are the 50% Fibonacci Retracement at $23.36, the 61.8% Fibonacci level that coincides with the 2023 peak at $27. 

As long as SOL price stays above the trendline, the uptrend is expected to remain intact. 

SOL/USD 1D price chart

SOL/USD 1D price chart 

If Solana price sees a definitive close below the trendline, it could invalidate the bullish thesis and SOL could find support at the 38.2% Fibonacci level at $19.74 and key support level at $18.23.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP