Solana Price Prediction 2023: Take a Dive in SOL Open-Chain.
In July 2022, Solana had 25.32 million active addresses, but in July 2023, the number of active addresses decreased to 8.32 million. This shows that user activity declined over the span of one year.
In July 2022, the number of new addresses on the Solana network on a monthly basis was 7.62 million, but in the current month, it is only 3.27 million. This indicates that the growth rate of new addresses also dropped in the span of one year. These trends suggest that Solana is facing some challenges in attracting and retaining users on its network.
The transaction volume of SOL and SPL tokens on the Solana blockchain, which reflects the economic activity on the network, plummeted from $766.49 billion in July 2022 to $38.48 billion in July 2023.
In the last 24 hours, SOL crypto has traded $390.14 million worth of tokens, with a market capitalization of $9.377 billion. The average trading volume for the past 10 days was 906.099K, with a fully diluted market capitalization of $12.839 billion and a circulating supply of 404.523 million tokens.
The SOL price has inclined by 19.78% in the last month and it can be said that the performance was well last month. It declined by -91.05% from its peak price of $259.96 in the span of 12 months. However, the current market sentiments are looking neutral.
Solana Price Technical Analysis
ss by shubhamsm006 on TradingView.com
Solana’s price is below both the 50-day and 200-day moving averages, which indicates a downtrend. The price may decline further in the next week if the selling pressure persists.
The MACD indicator is showing negative signals. The MACD line (-0.04) and the signal line (-0.03) are both below the zero line, which means that the MACD is in negative territory.
The RSI is at 30.76 and the 14-day SMA is at 44.32, in the oversold zone. The 14-day SMA is above and descending from the RSI line, which suggests that the market mood is bearish.
Technical Levels:
- Support – The current support level is $21.00.
- Resistance –The current resistance level is $23.61.
Conclusion
SOL’s on-chain data reveals a drop in active addresses and on-chain volume. The crypto price has fallen significantly and may continue to do so if it breaches its main trendline support soon. SOL price is currently in a bearish situation. Key indicators such as EMA, RSI, and MACD are giving negative signals for Solana (SOL) at the moment.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
