AI determines the price of Solana (SOL) on June 30
Solana (SOL) has displayed a positive trend throughout 2024, with the decentralized finance (DeFi) token experiencing a surge of over 170% in the last six months.
Driven by increased activity on the Solana blockchain, investors have set a key target of $200 for the asset, believing that surpassing this mark will lead to a new all-time high.
To determine the future price trajectory of SOL, Finbold has consulted artificial intelligence (AI) that utilizes machine learning algorithms to gather insights into the potential valuation of the asset by the end of the month.
According to data retrieved on June 2, the AI tool predicts that SOL will likely trade at $188.59 on June 30, indicating an increase of nearly 15% from the current price.
In addition to the AI projection, analysts at Vantage Markets have provided their insights on key price levels to monitor. In a TradingView post on May 31, the analysts noted that SOL is approaching a critical resistance level aligned with the 50% Fibonacci retracement, suggesting a potential reversal.
They recommend traders consider entering at $175.23 and target the overlap resistance for its strategic significance, setting the stop loss at $188.78 to provide a safeguard.
The movement of Solana’s price has been heavily influenced by on-chain activity, with the surge in meme coins being a significant driving factor. The price rally can be attributed to the increasing investor interest in Solana-based memecoins like Dogwhifhat (WIF) and Bonk (BONK). This frenzy has boosted Solana’s network activity, resulting in a rise in transactions and revenues.
Furthermore, the introduction of new meme coins has significantly increased the total value locked (TVL) across the Solana ecosystem. According to data from DefiLama, Solana’s TVL has reached $4.787 billion, representing a 239% surge in 2024.
As of now, Solana is trading at $164 with a 24-hour correction of approximately 1.5%. Over the past seven days, the cryptocurrency has gained around 1%.
Looking at the technical indicators, Solana appears to have a bullish outlook for the next month. Data from TradingView shows that the 30-day technical indicators indicate a ‘buy’ sentiment at 9, while moving averages suggest a ‘strong buy’ at 7. The oscillators recommend a ‘buy’ at 2.
Overall, with the prevailing bullish sentiments surrounding Solana, it is crucial for the token’s bulls to maintain the price above the $160 support level to sustain steady upward momentum.
Disclaimer: The information provided in this article should not be considered as investment advice. Investing in cryptocurrencies carries risks, and capital is at risk when investing.
