Has Solana’s Price Bottomed Out? Experts Think It Has!
In 2022, Solana saw a massive 96% drop in it’s price from it’s all-time-high of $258 in November 2021, falling to below the $10 mark for the first time in 2 years. This massive drop has caused bearishness from the crypto community, who claim that Solana may be “dying.”
Despite the bearishness and massive drop in price however, a number of crypto analysts and significant figures in the crypto industry seem to think that this low price may have finally been the bottom for the token, and that Solana will see its token rise again in 2023.
I have good news…#Solana might survive and bottom out soon.
Wait for more confirmations, it could happen below $5.
— PROFIT BLUE (@profit8lue) December 30, 2022
On December 30th, Ethereum founder Vitalik Buterin made the community buzz when he tweeted his support for the former Ethereum rival token, saying that he thinks Solana has a bright future ahead of it.
Buterin claims that the current bearishness surrounding Solana has helped to get rid of the “awful opportunistic money people” and that Solana itself has some very smart and earnest developers who will definitely help the chain grow.
“Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.” Buterin tweeted.
Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.
Hard for me to tell from outside, but I hope the community gets its fair chance to thrive🦾🦾
— vitalik.eth (@VitalikButerin) December 29, 2022
Aside from Vitalik Buterin, some popular crypto analysts like @CanteringClark has also made some positive predictions for the future of the Solana token.
Cantering Clark tells his 156,000 followers on Twitter that Solana’s price has dropped by so much that he thinks the bottom is near for the token. The analyst also predicts that a short squeeze may be in the cards for Solana.
“Looks like the market might actually be a bit crowded here. I think that my own interpretation of calling for another 50% drop along with everyone else calling for $3 might be the signal that this thing is completely one-sided and potentially bottoming here for the near future.” @CanteringClark wrote.
“Long SOL for more of a squeeze possibly.”