The recent cryptocurrency market fluctuations have seen Solana (SOL) facing its own struggles in May. In anticipation of its potential price by the end of the month, Finbold consulted with the PricePredictions platform. The predictions are based on various indicators such as the relative strength index (RSI), moving averages (MA), moving average convergence divergence (MACD), and Bollinger Bands (BB). According to the analytics, Solana is expected to be priced at $19.50 by May 31, 2023.
As of press time, Solana’s current price is $20.61, demonstrating a negative 2.71% variation in the past 24 hours. Over the past week, this figure was to the tune of 5.36%. Market capitalization is estimated to be around $8.1 billion, maintaining Solana’s ranking among the top 10 cryptocurrencies.
At the finance platform TradingView, the one-day gauges indicate a bearish sentiment for Solana. This pessimism is agreed upon by almost the entire panel of moving averages (strong sell) and oscillators (neutral).
Solana’s price is currently volatile and the relative support and resistance levels are estimated to be at $18.93 and $22.43 respectively. The former is referred to as the ‘price floor’, where buyers are willing to purchase the cryptocurrency at this rate, while the latter stands for the ‘price ceiling’ where sellers begin to emerge and resist further price rise.
PricePredictions is a machine learning platform that offers analytics to its users. It is founded and managed by Jack Zhang, a serial entrepreneur and machine-learning enthusiast. The company has a mission of helping traders and investors forecast market movements, offering them insights so they can make their decisions better. With the help of its artificial intelligence system, PricePredictions is able to provide comprehensive analysis and prediction for a variety of digital assets.
