As the positive sentiment in the cryptocurrency market returns, Solana (SOL) has stood out for its gains, both daily and weekly, as it significantly grew its price and market capitalization, leaving many to wonder how much this digital asset will be worth in the years to come.
Indeed, Solana has gained nearly 12% to its price in the last 24 hours while also adding $2.3 billion to its market cap across the previous seven days, as it rose from $8.89 billion on October 13 to $11.19 billion at press time (up 25.87%), according to the most recent chart information from Finbold and CoinMarketCap as of October 20.
Solana price analysis
Specifically, in terms of its price, Solana has advanced 12.89% on the day, adding up to its weekly gain of 25.75%, as well as an increase of 34.92% on its monthly chart, and is currently changing hands at the price of $26.89, as per the latest data retrieved on October 20.
Picks for you
In the meantime, the one-day technical analysis (TA) gauges over at the finance and crypto analytics platform TradingView suggest a ‘strong buy’ at 16, as summarized from oscillators pointing at a ‘buy’ at 2 and moving averages (MA) in the ‘strong buy’ area at 14.
Solana price prediction
It is also worth noting that artificial intelligence (AI) algorithms deployed by the crypto analytics website CoinCodex are bullish as well, suggesting the seventh-largest digital asset by market cap would trade at $36.72 in six months’ time (up 36.56%), at $112.40 on October 18, 2024 (up 318.33%), and at $64.15 by December 31, 2025, an increase of 138.57% to its current price.
Indeed, part of the reason for the optimism that has pushed up the price of Solana, among other cryptocurrencies, is the recent decision by the United States Securities and Exchange Commission (SEC) to drop all charges against Ripple executives, signaling a positive change in the regulation of the crypto market as a whole.
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