AI updates its price prediction for Solana by the end of 2024
Since the latter part of 2023, the cryptocurrency Solana (SOL) has been on a wild rollercoaster ride, with its price soaring from under $20 to surpassing $200 multiple times. Furthermore, the blockchain associated with the token has been bustling with an increasing number of new projects.
The trajectory of SOL’s price has shown a 48.79% increase since the beginning of 2024, reaching above $200 twice in March. However, recent trading activity has been less impressive, causing the token to plummet by 13.03% in the last week. As of now, Solana’s price stands at $150.75.
In addition to the exciting price movements, the ecosystem has witnessed a series of updates and enhancements, with the most recent occurring in late May, altering the fee structure to benefit block validators.
Given all the significant developments surrounding Solana over the past several months, Finbold has turned to predictive artificial intelligence (AI) algorithms to forecast where SOL might land by the end of 2024.
The AI-driven predictions suggest that Solana will experience relative stability, trading between $150 and $175 until mid-October. However, the final quarter of 2024 is expected to bring about a remarkable transformation for the token, with SOL projected to surge past $200 in November and surpass $365 by late December.
Nonetheless, a correction is anticipated in the closing days of the year, resulting in Solana finishing 2024 at $324.09 – a substantial 142.08% increase from its current price but 11.21% lower than its projected peak for the year.
While the AI algorithms paint a picture of stability, technical analysis (TA) contradicts this notion, suggesting that Solana could make a significant move – potentially up to 53% – if it breaks below the support level at $143 or above the resistance at $178.
Please note that the information provided in this article should not be construed as investment advice. Investing in cryptocurrencies carries inherent risks, and caution is advised.
