The post Solana surges over 10X in 2023 – Can SOL reach $1,000? appeared on BitcoinEthereumNews.com.

Solana (SOL) has explosively kicked off 2023 after languishing for most of the prior Crypto bear market. The so-called “Ethereum killer” has rocketed from under $10 in late 2022 to over $116 at the time of writing – representing a massive 10X gain over the course of the calendar year. With SOL appearing to mimic an Ethereum bull run fractal, speculation is heating up on just how high Solana could run this cycle. Here we explore Solana’s background, the factors driving its parabolic 2023 price increase, theoretical future price targets based on Fibonacci extensions, and more. A brief primer on Solana Dubbed one of the “Ethereum killers”, Solana is a highly scalable layer-1 blockchain network that can process over 50,000 transactions per second. This speed is orders of magnitude greater than older chains like Bitcoin and Ethereum. Solana prioritises scalability through a unique proof-of-history consensus combined with proof-of-stake security. The network gained immense traction through 2021, with SOL appreciating over 15,000% from $1.66 to a high of $260. However, the 2022 downtrend wiped out as much as 97% of Solana’s value, bringing the coin to just $8 at the low. To kick off 2023, Solana appears poised to continue outpacing legacy chains and cement itself as a top 10 Cryptocurrency project. What is fueling Solana’s 2023 bull run? After declining 97% from its all time high to tag the $9 level toward the end of 2022, Solana formed a definitive bottom. Momentum returned in early 2023 thanks to several key drivers: Improved macro conditions with cooling inflation Return of retail and institutional investor interest in Crypto assets Continued growth in Solana’s burgeoning DeFi and NFT ecosystems Solana ecosystem airdrops like BONK going on sizable rallies Speculation from analysts that Solana may be mimicking an Ethereum bull run fractal Buoyed by…

---

Filed under: News - @ December 26, 2023 3:22 am