As the massive gains that the cryptocurrency market has recorded since the year’s turn have started to slow down, crypto traders and investors are analyzing the price movements of Solana (SOL), trying to discern its standing by the end of February 2023.
The crypto community on CoinMarketCap, through the Price Estimate feature, is forecasting that SOL will likely trade at an average price of $22.94 on February 28, 2023.
Meanwhile, the machine learning algorithms over at cryptocurrency tracking platform PricePredictions have projected that the price of Solana on February 28, 2023, would reach $24.56, as per the latest data accessed by Finbold on February 3.
Should the predictions, made on the basis of technical analysis (TA) factors like the Bollinger Bands (BB), relative strength index (RSI), moving averages (MA), and moving average convergence divergence (MACD), prove correct, it would mean that Solana would, at that time, be trading 0.29% higher from its current price of $24.49.
In terms of the indicators on the finance tracking website TradingView, the 1-day sentiment gauges for Solana are largely optimistic. Specifically, their summary is currently indicating ‘buy’ at 11, which is aggregated from oscillators in the ‘neutral’ area at 9, and MAs pointing toward ‘buy’ at 10.
Bullish factors for Solana
The machine learning algorithm’s predictions for Solana by the end of February arrive as the network is working on Marinade (MNDE), a liquid-staking derivative that aims to become the largest decentralized finance (DeFi) protocol on Solana.
It is also important to note that Solana’s founders Anatoly Yakovenko and Raj Gokal published an optimistic report on the future of the ecosystem on January 31, 2023, as the number of developers on the blockchain has increased 83% in a single year, to more than 20,000.
On top of that, Solana was the most loved digital asset in 2022, alongside Ethereum (ETH), as opposed to Bitcoin (BTC), which was the most hated, according to the AI sentiment-tracking analysis reported on by Finbold on January 20.
Solana price analysis
As for its current price, SOL was at press time changing hands at $24.49, which represents a decline of 2.24% over the previous 24 hours but still an increase of 0.51% compared to seven days before and an 83.35% gain on its monthly chart.
Meanwhile, Solana’s market capitalization stands at $9.04 billion, ranking it as the 11th-largest digital asset by this indicator, just below Polygon (MATIC) with $10.36 billion, according to the data retrieved from the crypto tracking website CoinMarketCap on February 3.
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