warning: CoinMarketCap’s crypto community price estimation is based solely on the votes of its users. Estimates do not guarantee prices at the end of the month.
Despite the bloodshed in the cryptocurrency market due to the liquidity crunch on FTX, some digital assets are starting to post modest gains, including Solana (SOL), which prompted analysts to try to predict their future price.
One of them is a well-known cryptocurrency trading expert, why don’t youwho observed Solana’s chart patterns and concluded that the origin of Decentralized Finance (DeFi) “has been in a fairly clear downtrend,” as he explained in his analysis on November 13.
Analyzing this diameter to predict the price of SOL in the coming weeks, why don’t you specify that:
“If this is a final diagonal… when it finishes, the price will go to where the diagonal started, which should be the $18 area. Early this morning I bought and filled 1,000 Solanas for $13.50. If this pattern completes and goes towards $18, I’ll set the purchase price or maybe a little lower.”
On the other hand, he noted, “If we pull back from that level right and take the $18 level impulsively… let’s meet here after two years to discuss SOLANA at $300?”
Meanwhile, the crypto community votes 919 on CoinMarketCap It is showing a stronger bullish bias and currently expects Solana to trade at $31.66 by Dec 31, 2022.
If these estimates turn out to be correct, this means that by the end of the year, SOL will increase by $17.53, or 124.01%, compared to the token’s current price, which at press time was $14.13.
The last time Solana (briefly) traded above $30 was on November 8, before the ongoing FTX crisis began to fester, with the entire cryptocurrency market in turmoil.
In addition, the expectation of the second largest opening of Solana tokens by auditors, which represents 13% of the total cryptocurrency supply, put additional pressure on the price.
Solana Price Analysis
Since the beginning of the year, Solana’s price is down a whopping 91.68% from $170 as it followed the dominant downtrend in the cryptocurrency market – a downtrend that was followed by months of sideways trading and yet another pullback.
Meanwhile, Solana is trading at $14.13, up 2.24% from the day. This means that it is slowly recovering from its double-digit losses on the weekly and monthly charts, losing 55.43% for the week and 52.94% over the past 30 days.
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Could the position get Solana back $30 by late 2022? SOLUSD analysis first appeared on Coinphony.