Weekend Forecast: Will Solana (SOL) Leap to $70?

• Solana's Growth and Prominence in DeFi, NFT, and Web3 Markets
• Price Prediction for Solana
• Forecasts for SOL's Price Over the Weekend
• A Technical Analysis of SOL
• Solana's Current Trading Status

Solana's Growth and Prominence in DeFi, NFT, and Web3 Markets

Since its introduction in April 2019, Solana$104 5.03% has shown impressive growth within the DeFi, NFT, and Web3 markets. An increasing number of projects are being developed on the Solana network, and many more are expected to rise. As stated on Solana's official website, the primary value proposition of this blockchain network is to deliver indefinite low-cost transactions. Solana poses as a direct competitor to other platforms, for instance, Ethereum$2,315 -2.42%, in the blockchain network.

Price Prediction for Solana

Despite the overall cryptocurrency market experiencing a downturn, a price prediction for Solana for the upcoming weekend is presented. Various determinants such as market conditions, price action, new developments, supply, and use cases will influence whether Solana's SOL will experience an increase in its price over the weekend.

Forecasts for SOL's Price Over the Weekend

Guided by SOL's progress at the outset of 2023, cryptocurrency specialists from Changelly have provided a price prediction for Solana over the weekend. In this timeframe, SOL's minimum price is expected to be $57.07, while the maximum price could potentially reach $69.16. Moreover, it is anticipated to trade at an average price of around $63.34. The experts at Changelly predict that it is unlikely for Solana's price to hit the $70 mark this December.

A Technical Analysis of SOL

A technical analysis performed by Cryptonary indicates that SOL has veered away from its main uptrend. The analysis emphasizes that if Solana fails to sustain at $59, it could potentially decrease to $56, or even $52.

Solana's Current Trading Status

According to the recent CoinMarketCap data, Solana is trading at $63.79, showing a 6.6% increase in value over the last 24 hours.

Edited by Jonathan Stoker