Despite its recent struggles in the cryptocurrency market throughout May, Solana (SOL) has not been exempt from the challenges faced by other digital assets.
As investors and traders try to gauge its potential price by the end of the month, Finbold turned to the PricePredictions platform for insights. The platform’s machine learning algorithms have predicted that Solana will be priced at $19.50 by May 31, 2023, based on the latest information available as of May 9.
If the projections based on various indicators such as the relative strength index (RSI), moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB), and others are accurate, it would result in a decrease in Solana’s price compared to its current price of $20.61 at the time of press.
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Solana technical analysis
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 3 – the result of moving averages suggesting ‘strong sell’ at 13 and oscillators pointing to ‘neutral’ at 8.
In terms of price, Solana is currently trading at $20.68, which represents a 2.71% decrease in price over the past 24 hours. Over the last week, Solana has experienced a decline of 5.36% in price.
Despite this recent price drop, Solana remains ranked in the top 10 cryptocurrencies by market capitalization, with a current market worth of $8.1 billion.
The popular blockchain is currently experiencing fluctuations in its price level. Traders and investors are closely monitoring the cryptocurrency’s key support and resistance levels, which are at $18.93 and $22.43, respectively.
The support level of $18.93 can be considered a critical level for Solana, as it is expected to provide a strong floor for the price and prevent it from falling further. This level is determined by market forces, where buyers are willing to purchase the cryptocurrency at this price level, causing a demand-driven price floor.
On the other hand, the resistance level of $22.43 is viewed as a crucial level of price resistance. At this level, sellers are likely to emerge and limit the price from rising further. This is also the point at which investors who had purchased the asset at a lower price may choose to take profit, leading to a price correction.
All in all, the recent price decline is likely attributed to various market factors, such as changes in investor sentiment, market volatility of assets like Bitcoin, and regulatory developments.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
