Solana (SOL) has recently been bullish, outperforming many other major cryptocurrencies. The network’s scalability, boasting speeds of up to 65,000 transactions per second, has positioned it as a contender.
In fact, in the past 24 hours, the Solana price has gained more than all other top 10 non-stablecoin cryptocurrencies traded higher, with SOL leading the winners.
In light of the recent price growth Finbold turned to the advanced machine learning algorithms used by the crypto analytics platform PricePredictions to predict the price of SOL come the end of the month.
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Indeed, the advanced machine learning algorithms used by the crypto analytics platform have placed the price of Solana at $24.91 for August 31, 2023, indicating a modest increase from its price at the time of publication, as per the most recent information retrieved on August 9.
The platform’s algorithms deployed a detailed analysis of a number of technical analysis (TA) indicators, including average true range (ATR), Bollinger Bands (BB), moving average convergence divergence (MACD), relative strength index (RSI), and more to reach this estimate.
SOL price analysis
Currently Solana stands out as a dynamic player with its token price changing hands at $24.64, reflecting a substantial 6.35% gain over the past 24 hours. Impressively, this positive momentum extends across the span of a week, as the token registers a commendable growth of 4.51%.
This consistent trajectory contributes to Solana’s commanding market capitalization, which now hovers just shy of the $10 billion mark, specifically resting at $9.996 billion.
In a nuanced assessment of the market dynamics, Solana’s Total Value Locked (TVL) has demonstrated a substantial uptick of 14%. This increase, undoubtedly influenced by various ecosystem factors, showcases Solana’s ability to attract and retain value within its network.
In contrast, Ethereum has witnessed a contrasting trend, experiencing a decline of 13% in its TVL during the same period. This variance can be attributed to a myriad of factors, including network congestion issues and shifting investor preferences.
These disparate trajectories highlight the evolving preferences of users and investors within the blockchain space. Solana’s impressive growth in TVL positions it as a formidable contender, while Ethereum’s recent setback underscores the challenges it faces in maintaining its dominance amid a changing landscape.
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