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.
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.
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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.
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.
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