Solana has been one of the major concerns of crypto investors as it seems it’s price drastically fell in the month of November. This article will examine the price performance of Solana coin in the crypto market from October 1- November 30, 2022.
I shall consider highlighting the following points under this analysis.
Line graph of Solana price
The line graph of Solana price is been presented below. It is clearly visible that the price of Solana performed bullish in October than in November 2022.
It is also visible if you divide the line graph into two equal parts; you can conclude that even though the price of Solana dropped in October, 2022, it only dropped below $20 once in October. But in the month of November, 2022, the price of Solana reduced drastically below $20. More details of its price is presented in the bar chart below.
Bar chart showing price of SOLANA
The bar chart is similar to the line graph but with a difference of bars. The image below presents the price performance of SOLANA coin in bar chart.
The price of SOLANA fell below $15 in the second week of November, 2022. However for yet to be holder of SOLANA, this is a good time to purchase some coins if you are convinced of your research. Generally the drop in price of an asset is a good indication of buying time.
Boxplot for SOLANA price
The image below shows the boxplot of SOLANA price.
The boxplot is used to determine the price range of SOLANA throughout the period. It is visible that during the period of October 1 – November 30, the price range of SOLANA pumped above $35 for highest price and below $15 for lowest price. However more of its low prices where in the month of November, 2022.
Details of this will be stated in the maximum and minimum value.
Maximum and minimum price of SOLANA
The maximum and minimum price of SOLANA for the stated period above is presented in the table below.
With 183 data entries, three entry per day, the highest price of Solana was $36.16 and its lowest price is $11.69.
However from my assumption, if there is stability in volatility of SOL price and increased market capitalization, then it might likely estimate $50 in 2023.
Proof of result
Below are proof of the analysis comprising of the data view and variable view mode for this analysis.
Data view allows for data entry of SOLANA price.
Whereas variable view allows for stating the type of variables to be considered which is dates and Solana price.
Conclusion
In summary, this article presented the performance of SOLANA coin in the month of October and November, 2022. It is clearly seen especially in the line and bar graph, the price of SOLANA dropped to $11 in November. However, the performance in October was better than performance in November.
Other considered aspect in this guide includes the maximum and minimum price and boxplot.
Thanks for reading, Happy new month everyone.
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What does this say about the future of Solana?
Is Solana dead?
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Solana isn't dead yet, I will say it's affected by the general dip and has been on its way to recovery slowly when there is mass adoption or probably the next bull run, it will gain its way back as an alt coin. Infact I even trust alt coin than major ones in this period.
But this is not a financial advice.
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