As the cryptocurrency market struggles to sustain its bullish momentum that started at the turn of the year, Solana (SOL) is no exception, and crypto traders and investors are looking at indicators to try and predict its price for the future period.
In this regard, the machine learning algorithms over at the digital asset tracking and predictions platform PricePredictions have projected that Solana will be changing hands at the price of $21.58 on February 1, 2023, according to the data retrieved by Finbold on January 20.
If the predictions, based on various technical analysis (TA) factors, including moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and others, materialize, this would mean that the price of SOL would increase 2.37% compared to its current price.
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Bullish sentiments
At the same time, the sentiment around Solana on the 1-day gauges over at the finance analytics platform TradingView is bullish as well, their summary indicating ‘buy’ at 12, which is the result of oscillators standing in ‘neutral’ at 9 and moving averages pointing to a ‘strong buy’ at 11.
Notably, the optimistic prognoses arrive as Solana and another blockchain company, Ripple, have joined hands to form the Blockchain X Climate Leadership Network (BxC) initiative, along with Eqo Networks, industry group Global Blockchain Business Council (GBBC), and blockchain-climate collective BxCi.
As the non-profit organization stated, its aim is to advance the use of crypto-based solutions for climate change and to become the “single largest common gathering of climate action innovators, leaders, and builders under one global umbrella,” CoinDesk’s Eliza Gkritsi and Sandali Handagama reported on January 17.
Solana price recovery
As a reminder, Solana was deeply affected by the collapse of the crypto exchange FTX and the subsequent arrest of its founder Sam Bankman-Fried, who was a vocal proponent of the Solana blockchain and its native SOL token, the price of which had plunged in the fallout.
However, the renewed optimism on the general market has helped the token start its road to recovery, currently trading at $21.08, after it gained 24.58% in a week and as much as 74.25% across the previous 30 days, although it is looking at a loss of 1.20% over the previous 24 hours.
As things stand, with a market capitalization of $7.82 billion, Solana presently assumes the position of the 11th-largest cryptocurrency by this indicator, according to the latest data retrieved from the crypto tracking platform CoinMarketCap on January 20.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
