Although a large part of the cryptocurrency market is starting to reverse the losses from the recent slump, while others are resuming their sideways trend, Solana (SOL) is not one of them, and the prognosis for the end of the month does not look much better either.
As it happens, the machine algorithms employed by the cryptocurrency forecast platform PricePredictions have set the price of Solana at $17.57 for September 30, 2023, according to the latest information retrieved by Finbold on September 13.
In other words, if the projections made by the platform, which relies on indicators such as the Bollinger Bands (BB), moving average convergence divergence (MACD), relative strength index (RSI), and others, are correct, Solana will decline 3.34% from its price at press time.
Solana price analysis
Indeed, the price of Solana presently stands at $18.177, having declined 0.8% in the last 24 hours, losing 7.98% across the previous seven days, as well as dropping 25.75% on its monthly chart, according to the most recent data on September 13.
Recently, Solana has witnessed the highest sell pressure ratio (81%) of the top-located assets of the disgraced crypto exchange platform FTX and crypto trading firm Alameda in USD compared to the recent 7-day trading volume ahead of the anticipated asset sale, although this impact might not be as severe as for some others.
That said, positive developments such as Visa (NYSE: V) partnering with the Solana blockchain network for the launch of its stablecoin settlement pilot could be the necessary trigger for SOL to reverse its recent losses and move closer toward eventually hitting a new all-time high (ATH).
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.