The CoinMarketCap cryptocurrency community price estimate is based only on the votes of its users. Estimates do not guarantee end-of-month prices.
As the majority of assets in the cryptocurrency market continue to trade in the choppy trend, Solana (SOL) has been mimicking, slowing down the gains after more than doubling its price since the yearβs turn, but the crypto community has remained bullish.
Indeed, according to the votes of 993 members of the cryptocurrency monitoring platform CoinMarketCap, the projected average price of Solana on May 31, 2023, amounts to $21.65, as per the latest data retrieved by Finbold on May 16.Β
Specifically, should the communityβs optimistic price estimates for Solana materialize by the end of the fifth month, they would represent a +$0.8732 or +4.20% increase to its price at press time.
Solana price analysis
As things stand, Solana was at press time trading at the price of $20.77, down 222% in the last 24 hours, as well as 0.09% during the previous seven days. At the same time, it has accumulated losses of 13.90% across the past month, as the latest charts indicate.
Despite the CoinMarketCap communityβs optimism, the one-day technical analysis (TA) gauges from the finance and crypto tracking website TradingView paint a slightly more bearish view of Solana. Indeed, the summary of the gauges suggests a βsellβ at 14, which is the result of oscillators in the βneutralβ zone at 9, and moving averages (MA) looking at a βstrong sellβ at 13, as the most recent data shows.
Whichever side prevails in Solanaβs case will largely depend on further developments surrounding its ecosystem, such as ranking as the best performer in terms of risk-adjusted returns among top crypto assets by market cap, demonstrating the Sharpe ratio of above 2.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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