As the larger part of the cryptocurrency sector is witnessing the struggle between bears and bulls, Solana (SOL) is no exception, with bulls seemingly in the lead for the fifth-largest digital asset by market capitalization and artificial intelligence (AI) algorithms retaining optimism.
Indeed, Solana has moved in the red for the past few weeks but has nonetheless managed to sustain a steady advance since the year’s turn thanks to the surge in blockchain projects on its platform and despite the (now resolved) network issues like congestion.
Solana price prediction
In such a context, advanced algorithms used by crypto monitoring platform PricePredictions have remained moderately optimistic, projecting that Solana would reach the price target of $147.11 by May 31, 2024, as per the most recent data on May 3.
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As it happens, such a positive predicted change would represent a gain of 3.7% to Solana’s current price, provided that the projections, based on technical analysis (TA) indicators such as moving average divergence convergence (MACD), relative strength index (RSI), and others, are correct.
Solana price analysis
For now, Solana is changing hands at $141.92, gaining 3.73% on its daily chart, as it moves to reverse the 3.21% loss from across the previous week, and the accumulated decline of 24.40% in the past month, according to the most recent price data on May 3.
Meanwhile, crypto analyst Jacob ‘Crypto’ Bury has recently predicted that Solana could rise three to four times in 2024, particularly as at the time it had a 2.8% dominance in the overall crypto market valued at $2.16 trillion, according to the analysis he shared in an X post on May 2.
It is also worth mentioning that one of the factors that could impact the price of SOL is the activity of its largest holders, a.k.a whales, which have recently carried out a couple of massive transfers within hours of each other, involving a total of 22 million SOL tokens, as Finbold reported on April 28.
Ultimately, the asset might continue to improve its price toward the target set by the AI algorithms but, at the end of the day, making a definite Solana price prediction is difficult, particularly as things in this industry can sometimes change on a whim, so doing one’s own due diligence is adamant.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
