Despite the bloodshed in the cryptocurrency market caused by the liquidity crisis at FTX, some digital assets are starting to record modest gains, including Solana (SOL), leading analysts to try and predict its future price.
One of them is a reputable pseudonymous crypto trading expert, maikisch, who observed the chart patterns of Solana and deduced that the decentralized finance (DeFi) asset “has been in a somewhat-clear diagonal down,” as he explained in his analysis on November 13.
Analyzing this diagonal to predict the price of SOL in the next few weeks, maikisch specified that:
“If this is an ending diagonal …when it completes, the price will head to where the diagonal started, which should be the $18 area. Early this morning, I purchased and filled on 1,000 Solana at $13.50. If this pattern completes and heads to $18, I’ll set my stop at my buy-in price or maybe a little lower.”
On the other hand, he noted that “if we decline from that level correctively and take out the $18 level impulsively…then let’s meet back here in 2 years to discuss SOLANA at $300?”
Crypto community optimistic
At the same time, 919 crypto community votes over at CoinMarketCap are demonstrating a stronger bullish sentiment, currently predicting that Solana will be changing hands at the price of $31.66 by December 31, 2022.
If these estimations prove true, it would mean that, by the end of the year, SOL would increase by $17.53 or 124.01% compared to the token’s current price, which at the time of publication stood at $14.13.
The last time Solana (briefly) traded above $30 was on November 8, just before the ongoing FTX crisis started to intensify, taking the whole crypto market down with it as it continued.
On top of that, the anticipation of the second-largest Solana token unlock by validators, which accounts for 13% of the cryptocurrency’s total supply, has put additional pressure on its price.
Solana price analysis
Since the year’s turn, the price of Solana has declined a whopping 91.68% from $170, as it followed the prevailing bearish sentiment on the crypto market – a downward trend followed by months of sideways trading and a recent drop further.
Meanwhile, Solana is changing hands at the price of $14.13, which is an increase of 2.24% on the day. It means that it is slowly recovering from double-digit losses on the weekly and monthly charts, losing 55.43% across the week, and 52.94% over the previous 30 days.\
Source : finbold