Solana Price Prediction as New Blockchain Update Provides Native Support for Private Transactions – Time to Buy?
The Solana price has dropped to $22.81 today, representing a 2.5% fall in the past 24 hours as the wider market slips by 0.5% in the same amount of time.
SOL's fall comes as its underlying blockchain introduces a new update that enables confidential transactions between users, enhancing the privacy the network provides.
And while SOL is down by 6% in the past week, it remains up by 17% in the last 30 days and by 129% since the beginning of the year, making it one of the best-performing cryptocurrency over this period.
Such performance is likely to continue as 2023 draws to a close, with the overselling of SOL in the past week likely to result in a rebound soon enough.
SOL's indicators continue to look good even with today's slip, implying that the losses of the past 24 hours may not be extended much further.
Importantly, SOL's 30-day exponential moving average (yellow) has just risen above its 200-day average (blue), suggesting that a breakout may be about to occur.
And while the altcoin's relative strength index (purple) has dropped from 75 at the start of the month to about 60 now, it still remains comfortably above 50, in a sign that the momentum is still with the buyers.
This is also suggested by the fact that SOL's support level (green) has risen substantially since the beginning of the September, providing another sign that the altcoin has been consolidating around ever-higher bases.
SOL's rises have been helped this year by Solana's development as a blockchain network, with its most notable achievement being its ability to run with 100% uptime for over seven months now.
Its most recent piece of developmental news involves the aforementioned privacy update, something which Solana supporters would suggest makes SOL as useful
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