Solana (SOL) is no exception as the cryptocurrency market struggles to maintain the bullish momentum that began at the beginning of the year, and crypto traders and investors are looking at indicators to attempt and forecast its price for the coming term.

According to data gathered by Finbold on January 20, the machine learning algorithms at the digital asset tracking and prediction portal PricePredictions predicted that Solana will trade hands at a price of $21.58 on February 1, 2023.

The price of SOL would rise by 2.37% in comparison to its current price if the predictions, which are based on a variety of technical analysis (TA) factors, such as moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and others, come true.

The 1-day indicators at the financial analytics platform TradingView also reflect a bullish feeling toward Solana, with their summary indicating “buy” at 12 as a result of oscillators being in “neutral” at 9 and moving averages indicating a “strong buy” at 11.

Notably, the positive predictions come at a time when Ripple, Eqo Networks, the Global Blockchain Business Council (GBBC), and the blockchain-climate collaborative BxCi have joined forces to form the Blockchain X Climate Leadership Network (BxC) initiative.

Eliza Gkritsi and Sandali Handagama of CoinDesk reported on January 17 that the non-profit organization’s mission is to advance the use of crypto-based climate change solutions and to become the “single largest common gathering of climate action innovators, leaders, and builders under one global umbrella.”

Recall that the demise of the cryptocurrency exchange FTX and the subsequent arrest of its founder Sam Bankman-Fried had a significant impact on Solana. Bankman-Fried was a strong supporter of the Solana blockchain and its native SOL coin, whose value had plummeted as a result of the aftermath.

The token is presently trading at $21.08, up 24.58% in the last week and as high as 74.25% over the last 30 days, while suffering a loss of 1.20% over the past 24 hours, thanks to the overall market’s newfound confidence.

According to the most recent information gathered from the cryptocurrency tracking platform CoinMarketCap on January 20, Solana currently holds the position of the 11th largest cryptocurrency by this indicator with a market capitalization of $7.82 billion.

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