With the heightened interest in artificial intelligence (AI) following the introduction of ChatGPT, comparable platforms have showcased their usefulness. An example is Google Bard, which has demonstrated impressive capabilities in analyzing trends within the cryptocurrency industry and assets such as Solana (SOL).
Considering the gains among the broader cryptocurrency market in the previous days, Solana is no exception, with over 60% added in the last month. Finbold has consulted Google Bard to determine whether the price of this digital asset will continue down this trajectory in 2024.
Bard’s estimations for Solana
As highlighted by the AI chatbot, SOL’s minimum price might be $50.31, representing a 30% decrease from the current level. Conversely, the maximum price could reach $79.75, indicating a 25% increase from the current value.
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Nevertheless, Bard cautions that the provided price range is merely a potential scenario, and the inaugural cryptocurrency’s price at the beginning of 2024 may deviate, either higher or lower. Therefore, conducting comprehensive research and exercising caution before making investment decisions is imperative.
Factors influencing SOL price
Bard highlights several factors that could influence the potential future price of this digital asset, with an overall market sentiment dictating whether the price will rise due to bullish or bearish market conditions.
Additionally, the value of the SOL token increases with the adoption of Solana by decentralized applications (DApps). As more DApps are constructed on its platform, the demand for SOL rises since users must acquire its tokens to engage with these applications.
Furthermore, as the Solana blockchain progresses and enhances its features, it becomes increasingly appealing to both users and developers. This potential uptick in attractiveness might contribute to a rise in the price of SOL.
Finally, the chatbot pointed at increased institutional adoption as the last factor that could lead to an uptick in the price of this digital asset, as institutional investments usually significantly increase liquidity.
Solana price analysis
At the time of press, the price of Solana stood at $65.21, up 8.52% on the day, adding onto the gain of 6.41% across the previous week and a more significant increase of 61.96% on its monthly chart, according to the latest data on December 6.
All things considered, Solana is positioned to reach the price range set by Google Bard, particularly in the broader acceptance of institutional factors and decentralized applications, along with developers’ constant enhancement of its blockchain technology.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.