The crypto community sets the Solana Prize for February 28, 2023
After starting the year on a positive note, the value of Solana (SOL) is showing sideways trading pressure that has resulted in uncertainty regarding the asset’s next move. With Solana still looking for more positive fundamentals, there remains interest in how the asset is likely to trade in the days ahead.
On this note, the crypto community is on CoinMarketCapthrough the Price estimate function, estimates that SOL is likely to trade at an average price of $22.94 28 February 2023, which represents a minor increase of approx 0.23% from the token’s price at the time of publication, according to data obtained by Finbold on February 9.
The community prediction has come from votes from 1,312 members, varies slightly from the value set by the machine learning algorithm at Price proposal. According to the tool, Solana is likely to trade at $24.56 on the last day of February 2023.
From the prediction, the Solana community expresses bullishness, considering that the token fell below $10 in the wake of the FTX cryptocurrency exchange collapse. In particular, Solana had a strong relationship with FTX, and the collapse created uncertainty about the blockchain’s sustainability.
Although SOL has rallied in line with the general market, the asset needs strong fundamentals. In this case, contrary to previous speculations, the network appears resilient.
This is after Solana founders Anatoly Yakovenko and Raj Gokal published a report on the future of the ecosystem expressing optimism that developers on the blockchain have simultaneously increased 83% in a single year to over 20,000. The activity has allowed Solana to rank among projects with highest development activities.
At the same time, the network registers increased adoption activity, with a collaboration with Brave Browser appears as the last. Under the partnership, the Solana dApp is now supported by the browser, allowing users to connect to top Solana applications such as Magic Eden and perform decentralized finance-related (DeFi) transactions.
Solana price analysis
Solana faces bearish pressure that threatens to nullify the asset’s recent gains. The token is changing hands at $22.90 with daily losses of over 3%.
Elsewhere, one-day technical analysis at TradingView offers mixed signals. A summary of the gauges is for the neutral sentiment at 9, while moving averages are for ‘sell’ at 9. On the other hand, oscillators are also neutral at 8.
Overall, bears seem to be dominating SOL’s price and any selling pressure will see the asset slip to the $20 support zone.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
