After starting the year on a positive note, the value of Solana (SOL) is exhibiting sideway trading pressure that has resulted in uncertainty regarding the asset’s next move. With Solana still looking for more positive fundamentals, interest remains on how the asset will likely trade in the days ahead.
On this note, 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, representing a minor increase of about 0.23% from the token’s price at the time of publishing, according to data obtained by Finbold on February 9.
The prediction by the community has emanated from votes from 1,312 members, slightly varies from the value set by the machine learning algorithm at PricePedictions. According to the tool, Solana will likely trade at $24.56 on the last day of February 2023.
From the prediction, the Solana community is expressing bullishness, considering that the token slumped to below $10 in the wake of the FTX crypto exchange collapse. Notably, Solana had a strong relationship with FTX, and the collapse cast uncertainty on the blockchain’s sustainability.
Although SOL has rallied in tandem with the general market, the asset needs strong fundamentals. In this case, contrary to the previous speculation, the network appears resilient.
This is after Solana’s founders Anatoly Yakovenko and Raj Gokal published a report on the ecosystem’s future that expressed optimism about at a time developers on the blockchain have increased 83% in a single year to over 20,000. The activity has enabled Solana to rank among projects with the highest development activities.
At the same time, the network is recording increased adoption activity, with a partnership with Brave Browser emerging as the latest. Under the partnership, Solana dApp is now supported by the browser, allowing users to connect to top Solana applications like Magic Eden and conduct decentralized finance (DeFi)-related transactions.
Solana price analysis
Solana is facing bearish pressure that threatens to invalidate the asset’s recent gains. The token is changing hands at $22.90 with daily losses of over 3%.
Elsewhere, the one-day technical analysis on TradingView is offering mixed signals. A summary of the gauges is for the neutral sentiment at 9, while moving averages are for ‘sell’ at 9. On the other hand, oscillators are also neutral at 8.
Overall, bears seem to be dominating SOL’s price, and any selling pressure will see the asset possibly slip to the $20 support zone.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
