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Machine learning algorithm sets Solana price for January 31, 2024

Machine learning algorithm sets Solana price for January 31, 2024

In the closing months of 2023, Solana (SOL) was met with a deluge of bullish forecasts due to its increasing strength and managed to meet and beat most of them. In fact, in the last two months, SOL rose as much as 500% to decisively above $100.

After such a significant surge – given that the cryptocurrency entered 2023 around $11 and ended the year around $106 – and amidst a shift toward other ecosystems such as Ethereum (ETH), it isn’t certain that SOL’s rise will continue into 2024.

Given the hopes and worries about Solana, Finbold consulted the predictive AI-driven machine-learning algorithms of CoinCodex to try and figure out how it may fare by the end of the month. 

These algorithms try to estimate the future price of assets like SOL by analyzing past performance and relevant market conditions and factors, and they set Solana’s January 31 price at $119.22.

Machine learning prediction for SOL for January, Source: CoinCodex

Such a prediction indicates that this month, the cryptocurrency will continue rising, albeit not too dramatically. The chart that accompanies the prediction also illustrates that the machine learning algorithms foresee significant volatility for Solana.

The algorithms also foresee that Solana will go through several notable peaks this month, briefly reaching $127 on January 8 and $133 on January 30.

Additionally, according to data retrieved from CoinCodex on January 2, 2024, the sentiment on Solana is generally bullish, and it is marked under “greed” on the “Fear & Greed Index” – an index that tracks investor sentiment.

Sentiment and statistics on SOL. Source: CoinCodex

SOL price analysis

Despite the broader crypto market surging in the final months of 2023, Solana drew a lot of attention with its strong performance. Its price stood at $110.70 at the time of publication, meaning the cryptocurrency rose 5.94% in the last 24 hours.

SOL 1-day price chart. Source: Finbold

Zooming out, SOL’s performance is even more impressive. In the last 30 days, it is up nearly 79%. Additionally, the 2.98% decline in the last week hardly puts a dent in its 52-week rise that amounts to 891.31%. 

At the time of publication, it was the fourth-largest cryptocurrency by market capitalization and sixth in terms of trading volume.

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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