Despite the positive performance of Bitcoin (BTC) and Ethereum (ETH) in March, Solana (SOL), which was once touted as an ‘Ethereum killer,’ experienced a marginal decline in value over the month.
Moving into April, the price of Solana has remained relatively stagnant, with the asset briefly reaching a high of $1.42 in the past week, representing a meager 0.41% increase and maintaining a narrow price range. Investors are hopeful that the token can return to its high of $26.50 at the end of February, especially given that the discussions around FTX’s collapse have largely subsided.
To predict Solana’s future value, Finbold consulted the machine learning algorithms at the crypto tracking platform PricePredictions. According to the latest data retrieved on April 7, the algorithms utilizing AI technology predict that SOL will be trading at $19.37 on April 30, 2023.
If the projections based on various indicators such as relative strength index (RSI), moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB), and others turn out to be accurate, it would imply a decline in Solana’s price compared to its current value at press time.
Solana price analysis
Solana’s current market price is observed at $20.39, with support at $19.26 and resistance at $21.89. These levels indicate that SOL may find it challenging to surpass the resistance level and may not fall below its support level in the near term
Currently, SOL is down -$ 0.29 (-1.38%) in the last 24 hours and up slightly at 0.5% over the previous week with a total market capitalization of $7.9 billion.
As per the one-day gauges available on the finance analytics platform, TradingView, the overall market sentiment towards Solana is currently bearish. The summary rating of Solana is in the ‘strong sell’ area with a score of 17, as indicated by the moving averages, which suggest a ‘strong sell’ rating of 14, and the oscillators, which point towards a ‘sell’ rating of 3.
These indicators imply that the selling pressure on Solana’s price may be significant, while the buying momentum may remain stagnant or may not be strong enough to generate a bullish outlook in the near term.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.