Notwithstanding the strong performance of Bitcoin (BTC) and Ethereum (ETH) in March, Solana (SOL), which was previously dubbed an “Ethereum killer,” had a small fall in value during the month.
Solana prices were largely stable in April, with the asset temporarily reaching a high of $1.42 the previous week, reflecting a tiny 0.41% increase and maintaining a small price range. Investors are optimistic that SOL will rebound to its February high of $26.50, especially now that the fallout from FTX has largely faded.
According to the most recent PricePredictions data, SOL will be trading at $19.37 on April 30, 2023.
Solana 30-day price prediction | Source: PricePredictions
Solana’s current market price is $20.39, with $19.26 as support and $21.89 as resistance. These indicators indicate that SOL may struggle to break through the resistance level and not fall below the support level soon. SOL is down 2% in the last seven days and up 0.5% in the previous week, with a total market capitalization of $7.9 billion. At the time of writing, SOL is changing hands at $20.48.
SOL/USD 4-hour chart | Source: TradingView
Solana’s overall rating is in the the’strong sell range with a score of 17, as suggested by the moving averages, which indicate a strong sell rating of 14, and the oscillators, which indicate a sell rating of 3.
Solana one-day sentiment gauges | Source: TradingView
These signs suggest that the selling pressure on Solana’s price may be severe, while the purchasing momentum may be sluggish or insufficient to produce a bullish picture shortly.
Read more:
- Solana Grizzlython Online Hackathon Attracts 10,000 Participants With Over 800 Final Projects
- Solana Founder Anatoly Yakovenko And Vitalik Buterin Engage In Year-Long Debate On Bridge Security
- Homebase’s First Tokenized Rental Property On Solana Sells Out At $235k