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- Solana price prediction suggests the token’s consolidation phase over the daily time frame chart.
- SOL crypto is trying to sustain at 50 and 100-days Daily Moving Average while the crypto asset is trading below 20 and 200-days DMA.
- Analysts speculate that solana cryptocurrency might rally by looking upon its recovery rate in the last month.
Solana price prediction suggests that SOL cryptocurrency might rally during 2023, says analysts from esteemed cryptocurrency organization. However, SOL crypto has been consolidating from 14th January over the daily time frame chart. Investors in Solana need to wait until the cryptocurrency price sustains and reverts back towards the upper price range of the consolidation phase.
Solana price was at $20.75 and has gained 1.22% of its market capitalization during the day’s trading session. Trading volume has increased by 53% during the intraday trading session. Volume to market cap ratio was at 0.108.
More about Solana Ecosystem and its Rally – (Solana Price Prediction)
Solana is a fast and secure cryptocurrency platform that aims to provide an efficient, scalable and decentralized infrastructure for decentralized applications (dApps). Solana uses a unique consensus algorithm called the Solana Proof-of-Stake (PoS) that allows it to process 65,000 transactions per second, making it one of the fastest blockchain networks available. This fast transaction processing speed allows Solana to provide an optimal user experience for decentralized applications, enabling developers to build dApps that are fast and user-friendly.
In addition to its fast transaction processing speed, Solana is also highly secure. The Solana network is maintained by a decentralized network of validators who are incentivized to maintain the network’s integrity and security. This incentivization model ensures that the network remains secure even as it grows, making it an attractive platform for developers who want to build secure and scalable dApps.
Solana also provides an ecosystem of developer tools and resources that makes it easy for developers to build and deploy dApps on the network. This includes a software development kit (SDK), a suite of tools for smart contract development, and a developer community that provides support and resources to help developers build on the platform.
Solana is a highly scalable, fast and secure blockchain platform that provides an attractive infrastructure for decentralized applications. With its fast transaction processing speed, highly secure network, and supportive developer ecosystem, Solana is poised to become a major player in the decentralized application space.
Solana ecosystem’s reliable features might help in 2023’s rally of Solana crypto price. Meanwhile, the features discussed earlier are proof that Solana price prediction is correct and SOL crypto might rally by the end of 2023.
Solana Cryptocurrency: Exclusive Technical Analysis
Solana price prediction showcases the token’s sideways momentum inside the horizontal range-bound area over the daily time frame chart. Meanwhile, volume change can be seen below average and needs to grow during the intraday trading session. Nevertheless, SOL crypto is trying to sustain at 50 and 100-days Daily Moving Average while the crypto asset is trading below 20 and 200-days DMA.
Technical indicators suggest that Solana price has been trying to sustain inside the consolidation phase over the daily time frame chart. Relative strength index showcases the uptrend momentum of SOL crypto price. RSI was at 44 and heading towards neutrality. However, MACD exhibits the downside momentum of SOL crypto inside the range bound area. The MACD line is below the signal line after a negative crossover. Investors in Solana crypto need to wait until the token sustains and breaks out of the consolidation phase.
Summary
Solana price prediction suggests that SOL cryptocurrency might rally during 2023, says analysts from esteemed cryptocurrency organization. However, SOL crypto has been consolidating from 14th January over the daily time frame chart. The Solana network is maintained by a decentralized network of validators who are incentivized to maintain the network’s integrity and security. Technical indicators suggest that Solana price has been trying to sustain inside the consolidation phase over the daily time frame chart. Investors in Solana crypto need to wait until the token sustains and breaks out of the consolidation phase.
Technical Levels
Resistance Levels: $23.00 and $26.00
Support Levels: $18.00 and $15.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading any stock or crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
