Solana, the high-performance blockchain that drew attention throughout 2023, experienced a day of volatility as it sought the elusive $100 mark.
After a rally brought the native token (SOL) within reach, it experienced a slight decline but managed to retain the majority of its recent gains, primarily hovering above $97.
Analysts note that $100 has become a critical battleground, with significant selling pressure expected at the century mark.
The year 2023 proved to be exceptional for Solana, demonstrating a remarkable turnaround from its previous rollercoaster.
SOL reached a record high near $125 in December, driven by factors such as network upgrades and a surge in DeFi projects, marking an astonishing 1,100% increase since the beginning of the year.
This positive sentiment is consistent with widespread confidence in Solana’s technical capabilities. Hosam Mahmoud, a CCData research analyst, cites the growing number of active wallets and record transaction volumes on the network as key factors bolstering investor confidence. “These metrics, along with consistent advancements, are reinforcing bullish sentiment,” he goes on to say.
However, the journey to $100 has been fraught with difficulties. Independent analyst Armando Aguilar points to persistent selling pressure around this level, emphasizing the market’s “ongoing” rejection.
This raises important questions about Solana’s ability to overcome obstacles and maintain its upward trajectory.
