Among the top cryptocurrencies to watch this week is Solana (SOL). It is no longer surprising given that crypto, whose value fell to $8.5 towards the end of December, has risen 95% since the December low.
In 2023, SOL surpassed market leaders Bitcoin and Ethereum and all other cryptocurrencies occupying the Top 10 in market capitalization.
After the demise of the FTX cryptocurrency exchange, where the Solana network had significant exposure thanks to the 3.24 million ordinary shares and 134.54 million FTT tokens it held, it would seem that the network is now ready to move on and rebuild.
Before the minor correction phase on Tuesday, Solana was up more than 20% over the last 7 days. Solana was trading at $16.10 at the time of writing, according to Coinbase.
The SOL/USD seems to be meeting resistance at $17.
READ MORE: Coinbase users will no longer be able to borrow fiat against Bitcoin.
Solana Technical Analysis
Note the formation of a double bottom whose neckline was broken around $ 14.15. The price action also marked a bullish divergence with the RSI.
Solana’s technical price target is $25 based on the double bottom.
Solana, helped by the meme-coin BONK?
Solana seems to have benefited from the resounding success of BONK, not to mention the work done by the Solana Foundation to move forward after suffering the negative impact of events involving Sam Bankman-Fried’s FTX company.
The Solana-based meme cryptocurrency increased its market capitalization by more than 1,000% last week, attracting the attention of speculators.
The BONK meme-coin could ride the bullish wave of 2023, as did the Shiba Inu (SHIB) in 2021. But the most likely scenario is the end of FOMO.
