For months, Solana (SOL) has been one of the biggest stars of the ongoing cryptocurrency bull market.
The blockchain’s token – SOL – saw a magnificent rise from approximately $20 late in 2023 to as high as $200 earlier in 2024. Even after a recent downturn, it remained a significant 37.28% in the green in the year-to-date (YTD) chart, and Solana’s price in the early hours of June 27 stood at $139.07.
Along with the token, the Solana blockchain has been remarkably active and has featured millions of new projects of varying types, levels of success, and degrees of legality throughout the year.
Picks for you
More recently, however, the entire ecosystem found itself under a dark shadow of doubt.
The recent lackluster performance – which featured just 12 green days out of the last 30 – was further marred by rumors of a law enforcement investigation alleged to be in its final stages as some crypto influencers announced that a ‘huge case’ will soon be unveiled.
On June 27, Solana took another hit as a sudden and massive 90% plunge in the daily volume of USDC stablecoin was detected. The anomaly immediately raised concerns about Solana’s legitimacy, as many concluded that the volume may have been driven by wash trading.
Finally, what makes the mystery surrounding SOL even stranger is that hours after the USDC volume drop was first pointed out, the token rocketed some 7% within minutes, and thanks to the surge, Solana price today, at the time of publication, stands at $146.78.
It is worth pointing out, however, that the rapid rise above $145 also coincided with the initial report that VanEck is setting up a Solana Trust, which may have driven significant inflows.
AI sets SOL price for July 1
Whatever the current events and Solana’s long-term prospects, Finbold decided to try to determine how SOL might fare in the short term.
To this end, machine learning and artificial intelligence (AI)-drive algorithms of a platform specializing in predicting the future prices of digital assets – PricePredictions – were consulted.
The platform’s systems, as it turns out, estimate that there will not be much turbulence in the final days of June. Indeed, PricePrediction’s forward-looking chart reveals that Solana will remain on a steady uptrend until July 1, when it will stand at $155.49 – 5.93% above the press time price.
On the other hand, given the significant volatility and particularly recent events – and the rumors of an investigation – the prediction appears somewhat implausible given how little volatility it assumes.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
