Solana (SOL<\/a>), the cryptocurrency once supported by Sam Bankman-Fried<\/a>, pared some losses on Dec. 30, a day after falling to its lowest level since February 2021. <\/p>\n On the daily chart, SOL’s price rebounded to around $10.25, up over 20% from its previous day’s low of approximately $8.\u00a0<\/p>\n Nevertheless, the intraday recovery did little to offset the overall bear trend \u2014 down 97% from its record peak of $267.50 in November 2021, and down over 20% in the past week.\u00a0<\/p>\n But while the year has been brutal for markets<\/a>, Solana now joins the ranks of the worst-performing tokens of 2022, namely FTX Token and LUNA, which are down around 98%.\u00a0<\/p>\n However, the latest Solana price rebound hints at the possibility of more upside heading into 2023.<\/p>\n That is primarily due to Doji<\/a>\u00a0\u2014\u00a0a candlestick pattern that forms when the asset opens and closes near or at the same level in a specific timeframe. SOL formed what appeared to be a “standard Doji” on its daily chart on Dec. 29.<\/p>\n Traditional analysts consider a Doji as a potential reversal candlestick pattern, given it shows that bears and bulls are at a a stalemate. Therefore, from a technical perspective, a Doji formation during a long uptrend period could suggest a bearish reversal in the making, and vice versa.<\/p>\n SOL’s Doji has appeared after a long downtrend period, as shown in the daily chart below. That, coupled with the token’s oversold (relative strength index reading, suggests that an extended bullish reversal may happen in 2023.<\/p>\n SOL’s primary upside target looks to be around $15, up over 50% from current price levels. The $15 level has served as resistance since Nov. 13, 2022.\u00a0<\/p>\n Solana has emerged as one of 2022’s worst-performing cryptocurrencies<\/a>, with its year-to-date losses near 97%. In comparison, the total cryptocurrency market cap has dropped onl 65% in the same period.<\/p>\n Related:\u00a0\u2018Everything bubble\u2019 bursts: Worst year for US stocks and bonds since 1932<\/a><\/em><\/strong><\/p>\n Several reasons could explain SOL’s underperformance in 2022 such as a hawkish Fed<\/a>, Solana’s recurrent downtimes<\/a>, a $200 million hack<\/a> on one of its associated wallets, and probable FTX exposure<\/a>.<\/p>\n Earlier in December, Anatoly Yakovenko, the co-founder of Solana Labs Inc., clarified<\/a> that\u00a0nearly 80% of projects on Solana’s blockchain had no exposure at all to FTX, stating that there’s more to their platform than the defunct crypto exchange.<\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\nSolana price down 97% from November 2021 peak\u00a0<\/h2>\n
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SOL price could recover 50%<\/h2>\n
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Battling negative fundamentals<\/h2>\n