SOL price up 110% in Q1 2023 for best quarter since Q2 2021?

  • Solana’s price has increased by 110% over the last three months.
  • SOL closed in the red in February and could fall 4% in March, but SOL gained 140% in January.
  • Crypto-intelligence firm Messari highlights Solana’s growth potential as the network moves away from recent outages and other challenges.

Solana’s price turned negative on the March monthly timeframe and SOL/USD is currently at $20.88, down 3% over the past 30 days. Notably, Solana’s price remains down 80% this year, down about 91% from its all-time high of $260 reached in November 2021.

However, the cryptocurrency is set to achieve its highest quarterly earnings in almost two years. Monthly SOL returns are well over 100%.

Messari Highlights Solana’s Growth Potential

Messari, a crypto market intelligence firm, recently highlighted Solana’s growth amid widespread FUD, pointing out that trying to compare blockchain to some L2 from a TVL perspective misses the point.

Comparing Solana’s TVL to other emerging chains doesn’t tell the whole story. Usage is driven by key non-TVL use cases such as derivatives, NFTs and DePIN networks. If Solana decides to enable incentives, we’ll quickly see volume parity with the top L2s.Messari researchers I have written.

According to Messari, Solana’s developers are focused on simplifying the deployment of innovative DeFi strategies, automating on-chain instructions, deploying Web3 native websites, and more. Shifting to these efforts could be key to the Solana ecosystem, and is very likely to see increased adoption.

What’s next for Solana Price?

TradingView data show The 3-month candlestick for SOL/USD is currently set at +110%. This is the best quarterly return since Solana’s price rose nearly 300% in Q2 2021.

Looking at the monthly chart, Solana’s return was highest in January, closing the month at $23.93, making a profit of 140% in 30 days. The next time SOL/USD rose further on the monthly timeframe was in August 2021, when the price surged 195%.

Solana price on the 3-month chart. sauce: TradingView

February and March were less profitable for the bulls, with prices falling 9% in the second month of 2023. Looking at SOL’s weekly chart, his weekly RSI has fallen below the 50 line, suggesting a slight advantage for sellers as price faces a difficult challenge. towards $40.

On the downside, a break below $20 could lead to a drop to $16.

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