After starting the year on a positive note, the Solana (SOL) value is showing sideways trading pressures that have led to uncertainty about the asset’s next move. With Solana still searching for more positive fundamentals, there is still interest in how the asset trades in the coming days.
On that note, the crypto community is working on CoinMarketCapWith its price estimation feature, it predicts that SOL will most likely trade at an average price $22.94 on February 28, 2023, which corresponds to a lesser increase of approx 0.23% of the token’s price at the time of publication, according to data obtained by Coinphony on February 9.
The community predictions were derived from the votes of 1,312 members, which differs slightly from the value given by the machine learning algorithm in Offer Price. 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 is expressing a bullish trend, given that the token fell below $10 in the wake of the FTX exchange crash. Notably, Solana had a strong relationship with FTX, and the crash created uncertainty about the sustainability of the blockchain.
Although SOL is rising in tandem with the general market, the asset needs strong fundamentals. In this case, contrary to previous speculation, the network appears resilient.
It comes after Solana co-founders Anatoly Yakovenko and Raj Gokal published a report on the future of the ecosystem that expressed optimism that developers on the blockchain had at one point increased by 83% in one year to more than 20,000. The activity allowed Solana to rank among projects with The highest developmental activity.
At the same time, the network records an increase in adoption activity, with a In collaboration with Brave Browser It seems to be the latest. Under the partnership, the Solana dApp is now browser-supported, allowing users to connect to popular Solana apps such as Magic Eden and perform decentralized finance (DeFi) transactions.
Solana price analysis
Solana is facing downward pressure that threatens to negate the asset’s recent gains. The token is trading at $22.90 with a daily loss of over 3%.
Elsewhere, day-to-day technical analysis TradingView It gives mixed signals. The summary of the measures is for neutral sentiment at 9, while the moving averages are for “sell” at 9. On the other hand, oscillators are also neutral at 8.
Overall, SOL price seems to be dominated by bears, and any selling pressure will see the asset drop to the $20 support area.
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Post-Crypto Community Determining Solana Price Feb 28, 2023 Debuted on Coinphony.