With 70 percent historical accuracy, the crypto community sets the Solana price for March 31, 2022. Solana (SOL), a blockchain platform for hosting decentralized applications (dApps) and currently the ninth-ranked cryptocurrency by market cap, had a tough start to the new year with a loss of nearly 68% since its all-time high.
What does the metric say for Solana?
However, the cryptocurrency community at CoinMarketCap is very optimistic for the token’s price as it predicts Solana will trade at $151.76 by the end of March 2022. The price quoted represents an increase of 80.65%, or $67.75, from its current price, which stood at $83.99 at the time of publication. In total, the price prediction included the votes of 10,596 members of the CoinMarketCap community as of March 16.
It’s also worth noting that when it comes to Solana price predictions, the crypto community currently has an average of 70.69% historical accuracy. In the seven days before the time of writing, the price of Solana fell 5.16 percent from $88.5 to its current price of $83.93, according to data from CoinMarketCap. At the time of writing, its total market cap was $26.85 billion, down 6.33% from $28.55 billion a week ago.
Is there a comeback for SOL on the horizon?
Solana’s long-running bearish streak was due to the platform becoming one of the victims of ongoing geopolitical turbulence, a flattening economy, and its own circumstances. In early February, Solana made the headlines, and for good reason. After exploiting a Wormhole bridge vulnerability, hackers made about $322 million from platform traders, one of the largest attacks in decentralized finance (DeFi) to date.
After all funds were restored, Solana noted minor improvements in price, but consolidated at just under $85 in the days before writing. However, the crypto community’s enthusiasm for the token price can be attributed to the recent positive developments. Examples include the launch and adoption of Solana Pay, which offers free and real-time transactions with alleged zero impact on the environment, and the growth of the platform’s NFT market, powered by the expansion of Magic Eden.