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The cryptocurrency market continues to recover despite a widespread crisis in the banking sector, and Solana (SOL) is no exception, leading the cryptocurrency community to bet on its further price improvement, particularly by the end of the third month of 2023.
Indeed, based on 1,062 votes cast by the members of the crypto tracking platform CoinMarketCap by press time, Solana is expected to reach an average price of $21.8 on March 31, 2023, as per the latest data retrieved on March 17.
Should the community’s predictions come true, it would result in an increase of 7.46% or +$1.513 on the current price of Solana, which at the time of publication was changing hands at the price of $20.28, according to the information accessed by Finbold.
SOL technical analysis
Having said that, the community’s optimism around Solana is yet to reflect on the one-day sentiment gauges based on its technical analysis (TA) over at the finance tracking website TradingView, which is still largely ‘neutral’ at 10, based on oscillators indicating ‘buy’ at 2 and moving averages (MA) in the ‘neutral’ zone at 1 (indicating both ‘sell’ and ‘buy’ at 7).
As things stand, Solana is currently changing hands at the price of $20.28, up 3.58% on the day, as well as climbing 17.35% over the previous seven days, as it reversed the losses of 6.88% accrued over the past month, as charts indicate.
Whether Solana manages to realize the community’s projections will largely depend on the developments surrounding the ecosystem, such as whales moving significant amounts of SOL to the crypto trading platform Coinbase and the upcoming migration of the Helium (HNT) network to Solana, as well as the atmosphere on the wider crypto and macroeconomic landscape.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.