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Machine learning algorithm sets Solana price for March 31, 2023

Machine learning algorithm sets Solana price for March 31, 2023

As the cryptocurrency market continues its struggle to remain above the $1 trillion psychological threshold, Solana (SOL) is feeling the pain as well, and the crypto community is trying to get a sense of where its price could be by the end of the third month of 2023.

With this in mind, Finbold has consulted the machine learning algorithms at the crypto monitoring platform PricePredictions, and they have set the price of Solana at $19.20 by March 31, 2023, as per the latest information accessed on March 7.

Should the projections, based on indicators such as relative strength index (RSI), moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB), and others, prove correct, they would mean a decrease of 5.98% compared to SOL’s price at press time.

Solana 30-day price prediction. Source: PricePredictions

Bearish sentiment and signs of hope

Meanwhile, the one-day gauges at the finance analytics platform TradingView indicate a bearish sentiment for Solana, considering that their summary is in the ‘sell’ area at 13 – the result of moving averages suggesting ‘strong sell’ at 12 and oscillators pointing to ‘neutral’ at 8.

Solana one-day sentiment gauges. Source: TradingView

Notably, the pessimistic sentiment could be connected with the continued outages on the Solana network. Nonetheless, the cryptocurrency has retained the interest of crypto traders and investors over the previous week, as the volume of inflows from Solana-focused investment products amounted to $340,000, as CoinShares reported on March 6.

Solana price action

As things stand, Solana is currently changing hands at the price of $20.42, demonstrating a decline of 1.46% on the day, in addition to dropping 10% in the previous week and 16.13% over the course of the past month, as data indicates.

Solana 7-day price chart. Source: Finbold

That said, the 11th-largest digital asset by market capitalization has advanced over 100% since January 1, as it benefitted from the renewed confidence in the crypto sector that arrived with the year’s turn, according to the charts from March 7.

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