Disclaimer: The CoinMarketCap cryptocurrency community price estimate is based only on the votes of its users. Estimates do not guarantee end-of-month prices.
As most of the cryptocurrency market is struggling to continue the momentum of the previous weeks, Solana (SOL) is no exception. However, the crypto community is somewhat bullish on the future price of the decentralized finance (DeFi) asset.
Specifically, the votes cast using the Price Estimate tool on CoinMarketCap demonstrate the crypto community’s expectations that Solana would be changing hands at a median price of $34.29 on November 30, 2022, as per the latest data retrieved by Finbold on November 7.
This estimation is the result of 1,416 votes cast by the time of publication, representing an expected increase of $2.5991 or +8.20% on the current price of Solana, which at press time stood at $31.69.
In terms of the community’s expectations for the end of the year, they are even more bullish, as the members anticipate SOL to trade at the price of $35.76 by December 31, which would mean a gain of $4.0691 or +12.84% on its current price.
Solana price analysis
After a brief rally over the weekend, during which Solana soared to $38.48, making it one of the best performers among the top 10 coins, the digital asset has suffered a dramatic drop. It is currently trading at $31.69, down 12.49% on the day and 7.16% over the week.
Since the year’s start, Solana has been following a downward trend of the majority of crypto assets, trading sideways after a significant fall in mid-May, and losing 81.35% on its price, which on January 1 amounted to $170.
Bearish versus bullish factors
It is also worth noting that these estimations arrive two weeks after 33% of industry experts revealed they were losing trust in the Solana team over frequent network outages and one month after losing nearly $1.5 billion in a week due to blockchain-related exploits and outages.
That said, the Solana network has been recording increased growth, surpassing one hundred billion transactions in late September, for the first time since its launch in 2020, as it tries to contend with established platforms like Ethereum (ETH).
Judging by the recent estimations, the community members favor continued network growth over challenges like blockchain outages and exploits when giving their opinions on the price of Solana for both the end of November and the end of 2022.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.