Machine Learning Algorithms Set Solana Price on April 30, 2023

Machine Learning

Despite the strong performances of Bitcoin (BTC) and Ethereum (ETH) in March, Solana (SOL), once billed as the “Ethereum killer,” saw a slight price drop in the month.

Coming into April, Solana’s price remains relatively stagnant, with the asset reaching a high of $1.42 over the past week, up just 0.41%, and remaining in a narrow price range. Investors expect the token to return to its all-time high of $26.50 at the end of February.

To predict the future value of Solana, Finbold looked at the machine learning algorithms of cryptocurrency tracking platform PricePredictions. According to the latest data obtained on April 7th, an AI-powered algorithm predicts that SOL will trade at $19.37 on April 30th, 2023.

Solana’s 30-day price forecast. sauce: price prediction

If forecasts based on various indicators such as Relative Strength Index (RSI), Moving Average (MA), Moving Average Convergence-Divergence (MACD), Bollinger Bands (BB), etc. prove to be accurate, Solana price will follow the article Compared to current prices at the time of writing.

solana price analysis

Solana’s current market price is $20.39 with support at $19.26 and resistance at $21.89.These levels indicate that SOL may find it difficult to rise above resistance levels and may not fall below support levels in the near future.

Currently, SOL is down -$ 0.29 (-1.38%) over the past 24 hours, up slightly by 0.5% from the previous week, with a market cap of $7.9 billion.

Solana 7-day price chart. sauce: fin bolt

Overall market sentiment for Solana is currently bearish, according to a daily gauge available on TradingView, a financial analytics platform. Solana’s overall valuation is in the “strong sell” region with a score of 17, as indicated by the moving average indicating a “strong sell” rating of 14 and the oscillator indicating a “sell” rating. 3.

Solana’s daily sentiment gauge.Source: Trading View

These indicators suggest that while selling pressure on Solana’s price may be significant, buying momentum may remain stagnant or may not be strong enough to create a bullish outlook in the short term. doing.

Disclaimer: The content of this site should not be considered investment advice. Investing is speculation. Your capital is at risk when you invest.

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