Solana (SOL) has been a shining star in the cryptocurrency bull market for months. The value of SOL soared from around $20 in late 2023 to a high of $200 in early 2024. Despite a recent downturn, it is still up by a significant 37.28% this year. As of June 27, the price of Solana stood at $139.07.
Along with the token, the Solana blockchain has been very active, with numerous new projects of varying success and legality throughout the year.
However, the ecosystem recently faced doubts and uncertainties. The lackluster performance, with only 12 positive days out of the last 30, was compounded by rumors of an ongoing law enforcement investigation. Crypto influencers hinted at a “huge case” that would soon be revealed.
On June 27, Solana suffered another blow when the daily volume of USDC stablecoin plummeted by 90%. This anomaly raised concerns about Solana’s legitimacy, as many suspected that the volume was artificially inflated through wash trading. Strangely, hours after the drop in USDC volume was noticed, the token experienced a sudden 7% surge in price. As of publication, the price of Solana stands at $146.78.
It is worth noting that the surge above $145 coincided with the news that VanEck is establishing a Solana Trust, which may have attracted significant investments.
To assess the short-term prospects of SOL, Finbold consulted PricePredictions, a platform that uses AI-driven algorithms to predict future prices of digital assets. According to the platform’s predictions, Solana will continue on a steady upward trend until July 1, reaching a price of $155.49, which is 5.93% higher than the current price.
However, given the recent volatility and the rumors of an investigation, this prediction may seem somewhat implausible, as it assumes minimal volatility.
Disclaimer: The content on this site should not be taken as investment advice. Investing in cryptocurrencies carries risks, and capital is at risk.
