Solana Price Is Set to Tank Further In 2023

Solana price

Solana price has been under intense pressure for the past few days as concerns about the altcoin’s blockchain rise. SOL has shed more than 18% in the past week and 29% in the past month. The digital currency has crashed by more than 94% in price this year. Solana ranks as the 17th most valued digital currency after Uniswap.

Solana is in Distress

Solana price has been on a strong bearish run for the past few days as concerns about its blockchain surge. SOL’s total market capitalization has crashed by more than 10% in the past 24 hours. The total volume of Solana traded over the last day has risen by 171% as selling pressure increases.

Solana, Ethereum’s competitor, is facing NFT projects walking out its door. Solana’s web3 infrastructure has noted a decline in the number of active developers in the ecosystem. Leading non-fungible token (NFT) projects in the Solana network have confirmed that they will be leaving the network.

The teams behind the projects confirmed this on Sunday through Twitter. DeGods will be migrating to Solana’s competitor, Ethereum, while y00ts will be joining Polygon. Crypto experts believe that more NFT and crypto projects could leave the Solana ecosystem in 2023 for other competitor blockchains like Ethereum.

Solana Price Forecast

The daily chart shows that the Solana price is getting gutted and could soon hit its point of consolidation. At the time of writing, Solana was trading 10% lower at $9.96. It hit an intraday high of $11.12 before pulling back further. It has managed to move below the 25-day and 50-day moving averages.

Therefore, the Solana price is set to tank further as selling pressure increases. If this happens, bears will be eyeing the next support level at $8.00. However, an upside above the resistance at $15.00 will invalidate the bearish thesis.

SOL Price Chart

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