The price of Solana fell by nearly 95% in 2022, in part because of its relationship with Nick Bankman-fried, a tainted login password entrepreneur, and failed companies, FTX and Alameda Research. But Sol's prices have improved significantly since 2023.

The price of Solana doubled in the first quarter of 2023

In the first quarter of 2023, the price of Solana rose 104% to less than 20.60 yuan per sol, higher than any digital currency in the top 25, including BTC (BTC) and Ethernet Square (ETH).

In fact, in terms of price, January was Solana's best month since August 2021.

In the absence of important stock fundamentals that are likely to push down interest rates, Sol's price has risen by about 140%. Even so, the Sol / USD is becoming more and more oversold in December 2022, which may seriously affect traders to buy this fixed point.

This rebound is also the same as Messari's analysis of the Solana ecosystem after the collapse of FTX, indicating that Solana's bargaining chips and government procurement process are relatively stable, and in fact improve its influence after the FTX debacle.

James Stuttman, a researcher at Messari, wrote: "Solana will also continue to introduce a series of measures, including network upgrading, ecosystem infrastructure, local community diligence, and so on." He added:

After a tumultuous year and one test after another, the tunnel construction in 2023 seems to have dawn.

In other words, the sales market may have overreacted to Solana's relationship with Bankman-Fry in the fourth quarter of last year, causing a sharp rebound.

What's Saul's next price?

Solana's performance in February and March led to car selling stocks, after Sol's soaring rise in January made it technically overbought.

The price of Solana is down about 40 per cent from its January peak. Its market dominance (SOL.D) has fallen from 0.98 per cent in January to 0.69 per cent in March, suggesting traders are moving money elsewhere.

However, as of March 31, Solana trading prices were above two technical support levels: a level moving average blocked most of Sol's decline in the first quarter of 2023 trying, and another upward trend line served as backup support when the level moving average was successful in early March.

These two support levels have already converged. As a result, the Sol / USD is expected to rebound in the short term at this stage, reversing towards several months of support / pressure around $26.50, as shown below.

This also gives Solana a 30% upmarket prospect in April. Conversely, falling below these two support levels could cause Sol's price to retest its March floor of $16 as the next overall target for decline.