Machine learning algorithm sets Solana price for December 31, 2022

As 2022 draws to a close, Solana (SOL) remains heavily impacted following the devastating meltdown of the crypto exchange platform FTX. With long-standing support from FTX founder Sam Bankman-Fried and a high November trading price of $37 just before the crisis, SOL found itself the focus of intense selling pressure.

However, since the crash, the DeFi asset has managed to maintain a floor price above $12, and it is still the fifteenth largest cryptocurrency by market value. Additionally, it continues to rival Ethereum in NFT transactions since investors are still interested in SOL.

Interestingly, despite Solana’s 5% price gain as of December 13, the machine learning-based algorithms at PricePredictions, which factor in indicators like moving average (MA), relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands (BB), and others, suggest that SOL’s value will decrease by the end of the month.

Per this forecast, Solana is set to trade at $12.81 on December 31, 2022, representing a decrease of 7.2% compared to its price of $13.81 at press time.

Solana 30-day price prediction. Source: PricePredictions

It should also be noted that the predictions of the machine-learning algorithms are lower than those of the crypto community members over at CoinMarketCap, which estimates that SOL will trade at a median price of $15.61 as data retrieved by Finbold on December 13.

Solana price analysis

The total market capitalization of Solana stands at $5.04 billion, according to data acquired by Finbold from CoinMarketCap. Currently, Solana is trading at $13.81, up 4.94% in the last 24 hours and down a further 1.53% across the previous seven days. The area around $12.65 acts as a support level, while $14.16 is a resistance zone.

Solana 1-day price chart. Source: Finbold

On top of the daily price increase, things are also looking mixed in terms of SOL’s 1-day technical analysis (TA), the summary of which is firmly in the ‘neutral’ position at 10 (as opposed to 7 for ‘buy’ and 9 for ‘sell), based on oscillators pointing at ‘buy’ at 2 and moving averages (MA) also indicating ‘sell’ at 0.

Solana 1-day sentiment gauges. Source: TradingView

All in all, it is quite probable that the price analysis of Solana at the end of this month will also depend on the more general changes in the cryptocurrency market.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source: https://finbold.com/machine-learning-algorithm-sets-solana-price-for-december-31-2022/