After starting the year on a positive note, Solana’s (SOL) value is exhibiting sideways trading pressure leading to uncertainty regarding the asset’s next move. While Solana is still looking for more positive fundamentals, there remains interest in how the asset will trade in the coming days.
The crypto community has set the Solana price for February 28, 2023.
On that note, the crypto community at CoinMarketCap predicts, through the Price Prediction feature, that SOL will trade at an average price of $22.94 on February 28, 2023, representing a minor increase of about 0.23% from the token price at the time. is doing. publishing, according to data obtained by Finbold on Feb.
The community’s estimate was based on the votes of 1,312 members and is slightly different from the value determined by the machine learning algorithm at PricePedictions. According to the tool, Solana will likely trade at $24.56 on the last day of February 2023.
Solana community price prediction. Source: CoinMarketCap
The rising view of the Solana community
From the forecast, the Solana community is expressing bullish thinking that the token fell below $10 following the collapse of the FTX crypto exchange. In particular, Solana had a strong relationship with FTX, and the collapse created uncertainty about the sustainability of the blockchain.
While the SOL has rebounded with the overall market, the asset needs strong fundamentals. In this case, contrary to previous speculation, the network seems resilient.
This was after Solana founders Anatoly Yakovenko and Raj Gökal released a report expressing their optimism about the future of the ecosystem at a time when developers on the blockchain grew 83% to over 20,000 in a single year. The event enabled Solana to be among the projects with the highest development activities.
At the same time, the network is recording increased adoption activity with the latest Brave Browser partnership. As part of the partnership, the Solana dApp is now supported by the browser, allowing users to connect to top Solana apps like Magic Eden and make decentralized finance (DeFi) related transactions.
Solana price analysis
Solana is facing bearish pressure that threatens to nullify the asset’s recent gains. The token is changing hands at $22.90, losing over 3% daily.
Solana seven-day price chart. Source: Finbold
Overall, the bears seem to dominate the price of the SOL and any selling pressure will likely see the asset slide into the $20 support zone.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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