The price trajectory of Solana (SOL) has undeniably captivated the attention of numerous investors in the last week, as this asset has demonstrated a remarkable surge, ascending by an impressive 17% within the past seven days.

Resuming its ascent, Solana has managed to surpass the psychologically significant threshold of $20, testing the resistance level at $22. However, for astute crypto traders, the forthcoming critical juncture lies in Solana’s quest to recapture the coveted $30 mark, a price point it has not attained since June 2023.

Against the backdrop of the latest price developments surrounding this digital asset, Finbold sought SOL predictions from the crypto community at CoinMarketCap on July 13. These valuable inputs are crucial in order to gauge the prevailing atmosphere surrounding this decentralized finance (DeFi) cryptocurrency, which has recently been the center of attention.

Based on the insights gained from the community’s voting patterns over the past six months, which have shown a historical accuracy rate of 91.95%, Solana is predicted to trade at an average price of $22.48. This projection reflects a marginal increase of 2% from its current price at the time of publication.

CoinMarketCap community’s SOL price prediction for July 31. Source: CoinMarketCap

Solana June estimate

Taking into account the community’s most recent price estimate for the end of June, their success rate in predicting the price of Solana stood at an impressive 89%. 

CoinMarketCap community’s SOL price estimation accuracy over the past 6 months. Source: CoinMarketCap

However, it is crucial to recognize that past performance is not a guarantee of future results. While the community’s track record is noteworthy, it is essential to consider other factors that can influence the price of SOL in the future.

SOL leads top 100 cryptocurrencies in 7 day gains 

It is worth highlighting that Solana has emerged as the frontrunner in terms of gains within the cryptocurrency market when considering the top 100 digital assets over the past week. 

CoinMarketCap top 100 gainers past week . Source: CoinMarketCap

The assets following Solana in this regard are Compound (COMP) and Polygon (MATIC), further solidifying the impressive performance of SOL during this period.

Solana chart analysis 

Solana is currently trading at $22, reflecting a modest 0.1% increase in price for the day. Over the past week, SOL has experienced a remarkable surge, appreciating by 17%.

SOL seven-day price chart. Source: Finbold

Examining SOL’s recent performance, it is worth noting that out of the past 30 trading days, SOL has had 20 green days, accounting for approximately 67% of the observed period.

Nevertheless over the past year, Solana has experienced a significant decline in price, with a notable decrease of -34%. This performance places the token below the average performance of 78% of the top 100 crypto assets during the same period. Furthermore, the digital asset has been outperformed by major cryptocurrencies such as Bitcoin and Ethereum.

Considering these factors, investors should exercise caution and conduct thorough analysis before making any investment decisions related to SOL. The current price trends, underperformance compared to other cryptocurrencies, trading below the 200-day moving average, overbought conditions, and the substantial decline from its all-time high all suggest a challenging market environment for SOL in the recent past.

Read also: How to Buy Solana (SOL) in 2 Minutes 

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

Leave a Reply

Your email address will not be published. Required fields are marked *