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Will SOL cointinue its 10% rally?

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Written by

Kevin Lopez
Published on

January 2, 2023

Key points: 

  • SOL is up 10.6 percent over the past 24 hours.
  • Solana engineers claim that the network was not affected by the FTX outage.
  • Vitalik Buterin expressed praise and sympathy for the SOL network, saying he's been told there are serious and smart developers in the SOL community. Buterin added that he wants the network to have a fair chance to thrive.
  • SOL has recently formed a Doji candlestick and the current uptick may be a reaction to that.
  • Global macroeconomic conditions have yet to improve. Therefore, the rally in SOL may not last long.

Solana (SOL) is one of the worst-performing crypto assets in 2022 after the FTX fiasco. The price of SOL is down more than 90% from its peak. However, Solana engineers claim that the network was not affected by the FTX outage. Nonetheless, the cryptocurrency is up 10.6 percent over the past 24 hours.

Recently, Ethereum co-founder Vitalik Buterin expressed praise and sympathy for the SOL network. Buterin said he's been told there are serious and smart developers in the SOL community. Buterin added that he wants the network to have a fair chance to thrive.

Vitalik Tweet

Now, Solana has been bullish for the past few days. Low prices may have attracted new investors to the network. SOL has proven itself to be a network with multiple use cases, although many developers gave up after the FTX fiasco.

Finally, SOL has recently formed a Doji candlestick and the current uptick may be a reaction to that. A Doji is created when an asset opens and closes at nearly the same level for a given period. On its daily chart, SOL created what appeared to be a "standard Doji" on Dec. 29.

Will Solana continue to recover?

Global macroeconomic conditions have yet to improve. In addition, interest rates remain high and are expected to persist until late 2023 or mid-2024. Therefore, investing in risky assets such as cryptocurrencies may not be a priority for many. Therefore, the rally in SOL may not last long.

Additionally, the crypto markets are currently highly correlated, with Bitcoin (BTC) leading the way. Therefore, it is unlikely that SOL will continue to rise without BTC moving.

At press time, Solana (SOL) was trading at $10.98, down 3.7% over the past week.


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