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Crypto community sets Solana price for May 31, 2023

Crypto community sets Solana price for May 31, 2023

As the majority of assets in the cryptocurrency market continue to trade in the choppy trend, Solana (SOL) has been mimicking, slowing down the gains after more than doubling its price since the year’s turn, but the crypto community has remained bullish.

Indeed, according to the votes of 993 members of the cryptocurrency monitoring platform CoinMarketCap, the projected average price of Solana on May 31, 2023, amounts to $21.65, as per the latest data retrieved by Finbold on May 16. 

Specifically, should the community’s optimistic price estimates for Solana materialize by the end of the fifth month, they would represent a +$0.8732 or +4.20% increase to its price at press time.

SOL end-of-May price estimation. Source: CoinMarketCap

Solana price analysis

As things stand, Solana was at press time trading at the price of $20.77, down 222% in the last 24 hours, as well as 0.09% during the previous seven days. At the same time, it has accumulated losses of 13.90% across the past month, as the latest charts indicate.

Solana 7-day price chart. Source: Finbold

Despite the CoinMarketCap community’s optimism, the one-day technical analysis (TA) gauges from the finance and crypto tracking website TradingView paint a slightly more bearish view of Solana. Indeed, the summary of the gauges suggests a ‘sell’ at 14, which is the result of oscillators in the ‘neutral’ zone at 9, and moving averages (MA) looking at a ‘strong sell’ at 13, as the most recent data shows.

Solana 1-day sentiment gauges. Source: TradingView

Whichever side prevails in Solana’s case will largely depend on further developments surrounding its ecosystem, such as ranking as the best performer in terms of risk-adjusted returns among top crypto assets by market cap, demonstrating the Sharpe ratio of above 2.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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