Analytics
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Against the background of strong growth and temporary consolidation of the crypto market, traders and investors are analyzing the price dynamics of Solana (SOL), trying to determine the value of the token by the end of February 2023.
Machine learning algorithms on the PricePredictions cryptocurrency tracking platform came to the rescue, calculating that Solana’s price would reach $24.56 on February 28, 2023.
Solana price prediction. Source: PricePrediction
If the forecast based on technical analysis indicators such as Bollinger Bands (BB), Relative Strength Index (RSI), Moving Averages (MA) and Moving Average Convergence Divergence (MACD) prove correct, Solana will trade at 0.29 % above the current price of $24.49.
As for the indicators on the financial tracking website TradingView, the one-day sentiment indicators for SOL are largely bullish. In particular, their summary indicates “buy” at level 11, which is aggregated by oscillators in the “neutral” area at level 9 and moving averages indicating “buy” at level 10.
One-day Solana sentiment indicators. Source: Trading View
The positive outlook appears to be supported by the network’s work on derivative liquid staking Marinade (MNDE), which is set to become the largest decentralized finance (DeFi) protocol on Solana.
Also note that on January 31, 2023, Solana founders Anatoly Yakovenko and Raj Gokal published a positive report on the future of the ecosystem, which indicates that the number of developers on the blockchain has increased by 83% in a year to more than 20,000.
On the evening of Feb. 3, SOL traded at $24.49, down 2.24% from the previous 24 hours, but up 0.51% weekly and up 83.35% on the month.
Solana 30-day price chart. Source: Finbold
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