As the cryptocurrency market approaches the end of the year, it is struggling to maintain its current position. As Bitcoin bulls work to break $17,000, altcoins are mostly keeping up. In an environment of uncertainty, machine learning-based algorithms at PricePredictions make year-end price predictions for Solana, Cardano, Ethereum, and Ripple. We have compiled it for our readers.
PricePredictions’ predictions for Solana, Cardano, Ethereum and Ripple
January 1, 2023 price forecast for Solana
cryptocoin.comAs you follow, Solana (SOL) has been severely affected by the overall market downtrend. Besides, due to its close ties to the trading platform, it was also hit hard by the collapse of FTX. Indeed, the SOL had support from Sam Bankman-Fried (SBF) before the collapse. So, with the fraud allegations leveled against the FTX founder, Solana has experienced heavy selling pressure. The year ends for Solana without a major rally trigger on the horizon. The focus has shifted to how SOL will launch into 2023 at a point where the network is recording increased development activity.
Accordingly, machine learning-based algorithms at PricePredictions, which take into account metrics such as the moving average (MA), relative strength index (RSI), moving average convergence divergence (MACD), and Bollinger Bands (BB), among others, ensure that SOL is ahead of 2023. It shows that it is in line to maintain a consolidation momentum on its first day. According to the forecast, Solana will be traded at $11.76 on January 1, 2023. The price represents a minimal move from the token’s $11.91 value at press time. It is estimated that Solana will extend the sales it experienced in December by a correction of approximately 13%.
Interestingly, the crypto community at CoinMarketCap has predicted that Solana will launch in 2023 on a bullish note. The community predicts that SOL will likely trade at an average of $28.85 on December 31. This is quite an optimistic level according to the PricePredictions estimate.
Price prediction for Ethereum for January 1, 2023
As the turn of the year approaches, the cryptocurrency industry is still grappling with the consequences of FTX’s collapse. In this environment, Ethereum has been posting modest gains at best lately. Meanwhile, according to the latest data from PricePredictions on December 23, the price of Ethereum will hit $1,197.14 on January 1, 2023. Accordingly, the algorithm predicts a 1.86% drop compared to the current price of Ethereum.
January 1, 2023 price prediction for Cardano
Most crypto assets, including Cardano (ADA), suffered significant losses in 2022. With 2023 fast approaching, the cryptocurrency market is working to counter the effects of the tough year. Also, investors are looking for signs that will hint at the token’s future movements. In line with this, machine learning algorithms at PricePredictions predict that Cardano’s price on January 1, 2023 will be $0.246958, based on data from December 22. Accordingly, the platform estimates that ADA will drop by 2.35% compared to its price at press time.
January 1, 2023 price prediction for Ripple
As the new year approaches, investors are looking to indicators to try and predict the price of their invested assets, including Ripple (XRP), which has been at the center of a widely echoed lawsuit. Currently, machine learning algorithms on crypto tracking platform PricePredictions predict the price of XRP to be $0.337826 on January 1, 2023, based on data from December 22. Accordingly, the platform predicts a 2.81% drop compared to the price of XRP at press time.
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