Originally published on: December 30, 2022
Solana (SOL) saw a significant drop in its price, falling to its lowest point in nearly a year. Supported by Sam Bankman-Fried, SOL managed to recover slightly but is still down 97% from its peak in November 2021. However, it is not alone in this struggle, as tokens like FTT and LUNA have also experienced similar declines.
Despite the bleak outlook for Solana, there is a glimmer of hope for a possible rebound in the coming year. A recent price recovery, combined with the formation of a Doji candlestick pattern, suggests a potential bullish reversal on the horizon. This pattern indicates a standoff between buyers and sellers, which could lead to a shift in market sentiment and a price surge for SOL.
With an oversold RSI reading and the possibility of a bullish reversal, SOL’s price could target $15, marking a significant uptrend. While there are various factors contributing to Solana’s underperformance in 2022, including external market conditions and security concerns, there is optimism for a turnaround in the new year.
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