Will Solana (SOL) sustain the support of $11 in 2023?

Solana lost more than 80% of its value in the last 12 months. At the beginning of 2022, it was trading around $170, but currently, it is around $11.8. While writing, SOL was up more than 7% in the last 24 hours. $13 was strong support for this coin, but it broke that level in the last week of December.

Solana price chart

Now Solana is trying to regain the $13 support level. However, we think in this bearish market, SOL will face resistance around that level and will consolidate between $10 and $13 in the next few weeks.

Based on the technical indicators, candlesticks are forming in the baseline of Bollinger Bands, MACD is bullish, and RSI suddenly jumped over 45, suggesting a price surge may begin in the next few weeks. Read our SOL coin price prediction to know how much the price will surge in 2023!

If Solana decisively breaks the resistance around $13, that will be an ideal time to invest for the long term. For now, you can invest around the current price with a strict target and stop loss.  

Solana price analysis

SOL formed the first weekly green candle in the first week of this year. Does this suggest a bullish reversal? We do not think so. This green candle is followed by five bearish weekly candles that suggest a selling pressure in the market.

Moreover, candlesticks are forming in the lower Bollinger Bands with negative MACD and RSI, suggesting negative sentiment in the current situation. We do not think it is an ideal time to invest for the long term until it forms support around the $13 level. Overall, the coin is in a long-term downtrend, and you must wait for the right opportunity because you will get SOL at a lower price after a few months. 

If you have already invested, you should hold it for the long term because Solana has the potential to provide a good return in the long term, and crypto enthusiasts are also curious about it. Overall, the crypto market will be volatile in 2023, and you need to keep a close eye on the price of the crypto portfolio and book the profit at the right time.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button