Solana (SOL) fell to its lowest level since February 2021 last week, but after nine days of sustained declines, SOL price has now climbed above resistance testing $14 from under $8 as of Jan 4.
The algorithm determines the Solana price for January 31, 2023!
Some investors attribute the current surge to the interest of Solana community members in Bonk (BONK), a new meme token that handed out roughly 50% of the 56 trillion token supply to users last week, to see where it will trade over the next month, and crypto traders and investors alike: currently watching SOL.
Notably, machine learning algorithms on crypto tracking platform PricePredictions predicted the price of SOL to be $13.73 on January 31, 2023, according to data received by Finbold on Jan.
SOL 30-day price forecast. Source: Price Estimates
The AI algorithm uses technical analysis (TA) indicators such as the relative strength index (RSI), Bollinger bands (BB), moving averages (MA), moving average convergence divergence (MACD), and others to predict a 2% increase. From Solana’s price at press time.
Solana price analysis
Currently, Solana is changing hands at $3.51, up 13.83% in the last 24 hours, with a total market cap of $4.96 billion, up 34.66% from last week.
LEFT one-day price chart. Source: Finbold
Last week, Solana posted over $1 billion in market capitalization, which rose from $3.67 billion on December 28 to $4.96 billion on January 4.
SOL one-week market cap. Source: CoinMarketCap
Solana’s entry last week will be welcomed by investors in its own community, who have recently seen extreme volatility in Solana’s price for a variety of reasons, including the discredited ex-CEO of one of its most important backers. FTX, Sam Bankman-Fried and leading non-fungible token (NFT) companies are leaving the blockchain.
Despite all the buzz around the dog coin, Solana’s future is still uncertain, although the cryptocurrency is showing some signs of recovery. Since the beginning of November, Solana has dropped from the fifth largest to the 15th largest token and is currently the most trending cryptocurrency on CoinMarketCap.
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