The next technical indicator is the Moving Average (MA). Thus, it denotes a weak volume of participants trading in the current trend. Also, it helps traders in identifying unusual trading activity and changes in market sentiment.Īt the time of analysis, the RVOL of Solana (SOL) was found below the cutoff line. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. SOL/USDT RVOL, MA, RSI (Source: TradingView ) The chart given below elucidates the possible resistance and support levels of Solana (SOL) in 2023. Solana (SOL) Resistance and Support Levels If the trend reverses, then the price of SOL may fall to the support of $20.41 and $16.83. If the pattern trend continues, then the price of SOL might reach the resistance levels of $26.19 and $40.61. A horizontal channel is often regarded as one of the suitable patterns for timing the market as the buying and selling points are in consolidation.Īt the time of analysis, the price of Solana (SOL) was recorded at $21.68. In this pattern, the upper trendline, the line which connects the highs, and the lower trendline, line which connects the lows, run horizontally parallel and the price action is contained within it. In general, the horizontal channel is formed during the price consolidation. A horizontal channel also known as the sideways trend. In the above chart, Solana (SOL) laid out a horizontal channel pattern. SOL/USDT Horizontal Channel Pattern (Source: TradingView ) The overview of the Solana price prediction for 2023 is explained below with a daily time frame. Solana (SOL) ranks 10th on CoinMarketCap in terms of its market capitalization. Solana-based NFTs are gaining positive momentum and are more likely to be preferred over Ethereum NFTs. Solana (SOL) was launched in March 2020.Solana Network aims to expand its functionalities by hosting several DApps in the DeFi and also revolutionizing the NFT marketplace. This hybrid model enables Solana to validate its blocks faster with accurate time stamps. The blockchain’s functionality is based on a hybrid consensus model that combines proof-of-stake (PoS) and proof-of-history (PoH). The crypto coin, Solana (SOL), runs on an independent and scalable blockchain with faster transaction rates.
(source: CoinMarketCap) What is Solana (SOL)? Solana (SOL) Current Market Status Current Price In this Solana (SOL) price prediction 2023, we will analyze the price patterns of SOL by using accurate trader-friendly technical analysis indicators and also predict the future movement of the cryptocurrency. Bearish SOL price prediction for 2023 is $9.44.Solana (SOL) price might reach $40 soon.Bullish SOL price prediction for 2023 is $26.87 to $48.52.Posted on (May 9, 2023), 5:09 pm by Hannah Carter 2 weeks ago | 9 mins read Crypto Price Prediction
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. The same investment of $100 could reach $776.67 by 2026. The revenue for a five-year investment could see an increase of 676.67%. Based on the platform’s forecast, a “a long-term increase is expected,” with the price prognosis for Oct. It notes that a $100 dollar investment in Solana today could net a total of 0.575 SOL. WalletInvestor’s Solana price prediction centers around the specifics of what an investment in the coin can do for investors. It predicts that Solana will be at $462 by the end of 2023.
It predicts that the coin could be at $478 by the end of 2022 and could rise as high as $608 by the end of July 2023, though it foresees some declines after that. LongForecast anticipates that Solana will close out 2021 at $188 but three months later, will have risen as high as $245. It expects the coin to close out the year with an average price of $ 252.38 but notes that it could go as high as $ 279.66. True to its name, PricePrediction predicts the price of Solana will rise steadily throughout 2022, beginning with an average price of $177.15 and hitting $ 217.83 by summer’s end. The venue’s experts expect the coin to reach a price of $2,000 before 2023 is over, demonstrating some truly impressive gains. According to Coin Price Forecast, Solana will reach $500 by the end of 2021 and then double that figure before the end of 2022.
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