Solana (SOL) has recently recouped some of its losses after nosediving to its lowest price since February last year.
The cryptocurrency spiked to roughly $10.25, or 20 percent, from the day before, where it remained at around $8 USD.
The ongoing crypto bear market has seen SOL plummet from its top price of $267.50 in November 2021 – a 97 percent drop – along with other poor-performing cryptos such as Terra/LUNA and FTT.
Despite this, SOL could potentially jump to new levels in 2023 due to an upward trend in its performance. This is marked by a Doji, or candlestick trend after assets open and close roughly the same, and in a set timeframe, with Solana’s noted on 29 December.
This could see SOL reach around $15 USD, or a rise of 50 percent, which it reached on 13 November.
High Hopes for 2023
The news comes amid several severe challenges in the cryptocurrency industry, including the collapse of three major cryptocurrency exchanges – FTX, Three Arrows Capital, and Voyage – sending crypto prices plummeting and eroding trust in the crypto market.
Additionally, Solana faced federal crackdowns on digital coins and a massive hack, with the latter costing the company roughly $200 million USD.
According to a 21 December Solana Solstice report, the crypto platform wrote that there had “been the highs of Breakpoint and the lows of the volatile market.”
It said at the time: “Throughout it all, the Solana community has only gotten stronger — and kept their heads down to keep on building.”
It cited numerous accomplishments such as its Solana Mobile Stack and Solana Mobile’s Saga device for conducting activities via dApps.
It also noted growing adoption from tech giants such as Google Cloud, who supported a “block-supporting Solana validator.” It also backed a “Blockchain Node Engine to Solana” to allow users to run cloud-based validators.
