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Machine learning algorithm predicts Solana price for February 29, 2024

Machine learning algorithm predicts Solana price for February 29, 2024

Despite a temporary setback for the larger part of the cryptocurrency market, machine learning and artificial intelligence (AI) algorithms are relatively optimistic about the price of Solana (SOL), predicting a significant recovery by the end of the next month.

As it happens, Solana could improve its price during February, reaching $106.29 by February 29, 2024 – at least this is what advanced price projection algorithms over at the crypto and stock analytics and forecasting platform CoinCodex have predicted, as per the information retrieved on January 31.

Solana 1-month price prediction. Source: CoinCodex

Indeed, if the machine algorithm’s above prediction, calculated using the historical Solana price trends and accounting for past volatility and market movements, becomes a reality, the price of the fifth-largest asset in the crypto sector would increase by 7.1% from where it stood at press time.

Solana price analysis

As things stand, Solana is currently changing hands at the price of $99.25, recording a 4.75% decline on the day, an increase of 14.17% over the week, and a drop of 6.15% accumulated across the past month.

At the same time, the one-month technical analysis (TA) gauges at the finance and crypto market monitoring website TradingView are also bullish on Solana, calling for a ‘buy’ at 9, which is the summary of oscillators in the ‘sell’ zone at 2, and moving averages (MA) suggesting a ‘strong buy’ at 8.

Solana 1-month sentiment gauges. Source: TradingView

All things considered, the machine learning algorithms could be correct, and Solana might improve its price in the near future, especially as $4 billion has flown into its market cap in a single week, and the network has experienced increased activity, as Finbold reported on January 29.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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