Since late 2023, Solana (SOL) has been on a rollercoaster ride, witnessing a rapid surge in price from under $20 to soaring towards and surpassing $200 multiple times. Furthermore, the blockchain of the token has seen a surge in new projects being hosted.
The price of SOL has increased by 48.79% since the beginning of 2024, reaching above $200 twice in March. However, recent trading has been less impressive, with the token dropping by 13.03% in the last week, bringing the current Solana price to $150.75 at the time of writing.
In addition to the exciting price movements, the ecosystem has been undergoing a series of updates and improvements, with the latest changes in late May focusing on altering the fee structure to benefit block validators.
Considering all the recent developments surrounding Solana, Finbold turned to predictive artificial intelligence (AI) algorithms to forecast where SOL might stand by the end of 2024.
The AI-driven algorithms predict a period of relative stability for Solana in the coming months, with the token expected to trade between $150 and $175 until mid-October. However, a significant shift is anticipated in the final quarter of 2024, with SOL projected to skyrocket to over $200 in November and surpass $365 by December.
Despite these bullish predictions, a correction is expected towards the end of the year, with Solana projected to close 2024 at $324.09 – marking a 142.08% increase from its current price but falling 11.21% below its projected yearly peak.
Technical analysis presents a different viewpoint from the algorithm’s short-term stability forecast, suggesting that Solana could experience a substantial move of up to 53% if it breaks below the support level at $143 or above the resistance at $178.
Disclaimer: The information provided here should not be taken as investment advice. Investing in cryptocurrencies carries risks, and capital can be lost.
