Solana's 0.3% Price Increase to $18.15: Key Takeaways for September 13, 2023

Solana's price has seen a slight 0.3% increase over the past hour, bringing it to $18.15 at the time of writing. Despite some recent volatility, Solana remains one of the top 10 cryptocurrencies by market capitalization, currently valued at $7.45 billion. In this report, we will analyze Solana's latest price movements and trading volumes to uncover insights that both new and experienced traders can use to inform their strategies.

Over the past 24 hours, Solana's trading volume reached $319.65 million. While this represents a decrease from previous days, it still reflects significant interest in SOL trading. When assessing volume levels, traders should note that higher volumes often accompany more significant price swings, while low volumes tend to coincide with consolidation.

Drilling down, Solana dipped 0.98% over the past day. However, zooming out further reveals that SOL has declined 8.3% over the past week. This downward trajectory is even more pronounced when looking at the monthly view, with Solana having lost over 26% of its value in the past 30 days. These metrics underline Solana's ongoing price weakness through September.

However, when analyzing percentage changes, it's also crucial to examine Solana's market context. The entire cryptocurrency market has pulled back over the past month, fueled by macroeconomic uncertainty and several high-profile crypto bankruptcies. Solana's monthly losses are significant but relatively comparable to top cryptocurrencies like Ethereum and Bitcoin over the same period.

Now, let's examine Solana's key technical levels following today's modest recovery. SOL is testing resistance around $18.25, with a break above this level potentially signaling a move towards its next overhead barrier at $20. Support rests at $17.80 and Solana's 50-day moving average near $17.40. Both the RSI and MACD indicators remain neutral, pointing to potential consolidation barring a spike in buying or selling momentum.

Overall, Solana's choppy price action reflects broader indecision among market participants. While SOL has held up relatively well on a long-term basis, its near-term trajectory likely depends on broader crypto sentiment improvement and a return of bullish momentum.

Will Solana Revisit its All-Time Highs in 2023?

Solana hit its record high of $260 in November 2021. With SOL currently trading around $18, this price level feels like a distant memory for longtime holders. However, the key question now is whether Solana can reclaim its former glory in 2023.

On the bullish side, Solana possesses one of the most active developer communities in crypto. The network continues to host popular NFT and GameFi projects, underlining its real-world utility. As the crypto and NFT markets mature, Solana is well-positioned to capture new users. Its blazing transaction speeds and low fees make SOL an appealing blockchain for both developers and users.

However, Solana still faces challenges that could impede a quick recovery. Critics argue that the network's infrastructure remains unreliable, pointing to a history of periodic outages. SOL also faces stiff competition from rival layer-1 chains like Polygon that offer similar speed and scalability. Regulatory pressure on altcoins could also disproportionately impact speculative assets like Solana.

Given these countervailing forces, a revisit of Solana's all-time high by late 2023 seems unlikely. A more reasonable upside target could be 50% of its peak near $130. Of course, predicting crypto prices is notoriously difficult. But SOL likely needs to re-establish its technical strength before testing new highs.

Can Solana Reclaim Its Top 5 Spot Among Cryptocurrencies?

In early 2022, Solana consistently ranked among the top 5 cryptocurrencies by market capitalization, reaching as high as #4. However, SOL has since fallen to #9 and risks slipping further amid its ongoing price weakness. Looking ahead, can Solana rejoin the elite top tier of crypto assets?

On the positive side, Solana has unmatched scalability compared to other layer-1s in the top 10. This technical advantage could drive rapid adoption if crypto markets heat up again. Solana's vibrant NFT scene could also provide enough activity and demand to power SOL higher up the market cap charts. Additionally, support from prominent institutional backers like Sam Bankman-Fried gives Solana validity in the eyes of many large investors.

However, re-entering the top 5 could still be difficult for Solana. Ethereum maintains its dominance as the go-to smart contract platform, while Ripple and Cardano have also built sizable user bases. Moreover, the ascent of "ETH killer" chains like Avalanche and Polygon present new competition within Solana's niche. Fully recovering from its damaged technical reputation may prove challenging.

Ultimately, Solana likely needs to reignite development activity, improve network resilience, and roll out ambitious upgrades to regain a top 5 position. But with its dedicated community and proven technical capabilities, a return to the upper echelon of crypto projects seems feasible for SOL over the long term.


Solana continues tracing a descending price channel in September amid broader crypto weakness. While its long-term growth story remains intact, traders should watch for a technical breakout above $20 before turning decisively bullish on SOL. Looking ahead, rebuilding user confidence and expanding real-world utility are key for Solana to reclaim its former top 5 status among cryptocurrencies. However, patient holders could still see ample upside if Solana executes on its blockchain ambitions over the coming years.

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