After the bank crash and subsequent crypto market crash in the last few days, the Solana price has made a good recovery. The SOL token may not outperform Ethereum or Bitcoin. However, unlike many other coins, the SOL has increased significantly in the last seven days. What is Solana price forecast for the next few weeks?
How has the Solana price moved in the last few days?
The Solana price benefited from the recent bank crash and experienced a stronger increase. The bankruptcies of the US banks Silvergate and Silicon Valley Bank were announced at the end of last week. The Solana price then crashed, with the price dropping from 18.50 to 16 US dollars.
The price was able to quickly recover. The price of the SOL token has risen to $18. A stronger rise to $22 began in the days that followed. Solana’s price has risen to $19 after falling for several days. Solana’s price has increased by 6% in the last seven days.
Why was the Solana price able to rise again?
The Solana price fell more sharply during the bank crash. However, the crypto market quickly recovered. Bitcoin, in particular, experienced a massive rally. This also ensured that altcoins could recover. Certain coins, however, rose slightly while others remained unchanged.
In comparison to other altcoins, Solana has performed relatively well throughout this crisis. This points to a positive Solana forecast in the coming weeks. The increase could also be due to the fact that the SOL token originates from a relatively low level overall, having already lost a significant amount of value in the FTX crash. This means that the air is thicker at the top.
What is the Solana price forecast for the coming weeks?
At the moment, the Solana forecast for the coming weeks is difficult to predict. However, if we assume that the Solana price will rise further as the Bitcoin price rises, we must hope for further Bitcoin price increases. Bitcoin’s driving force is especially important for altcoins during a bear market.
The Bitcoin price is currently scraping the $25,000 resistance level. A breakthrough that is also sustainable this time appears to be on the horizon in the coming weeks. The fact that central banks should only raise interest rates slightly or not at all following the banking crisis lends support to this trend. As a result, we anticipate a positive Solana forecast.
How high can the Solana price go in our forecast?
The Solana price should be able to rise significantly again in the coming weeks, as we anticipate a more bullish market. A move above $20 appears very likely in the near future.
Because Solana has been considered a speculative asset since the FTX crash, the potential upside for the SOL token is particularly large. The price can rise sharply and quickly, but it can also fall sharply and quickly. As a result, we anticipate a Solana forecast of 22 to 29 US dollars in the next 6 to 8 weeks.