Besides being impacted by the overall market bearish sentiment, Solana (SOL) took a significant hit from the FTX cryptocurrency exchange collapse, considering the digital asset’s close ties to the trading platform. Indeed, SOL has enjoyed backing from Sam Bankman-Fried (SBF), and with fraud allegations labeled against the FTX founder, the decentralized finance (DeFi) token experienced intense selling pressure.
As the year comes to an end with no significant triggers for a rally on the horizon for Solana, the focus has shifted to how SOL will begin 2023 at a point the network is recording increased development activity.
In this line, the machine learning-based algorithms at PricePredictions that put into consideration metrics like moving average (MA), relative strength index (RSI), moving average convergence divergence (MACD), and Bollinger Bands (BB), among others, indicate that SOL is in line to sustain a consolidation momentum on the first day of 2023.
According to the predic
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