Solana (SOL) is again targeting the $200 mark as the token maintains bullish momentum amid a flurry of activities on the decentralized finance (DeFi) network.
At the moment, Solana is experiencing a bullish bias, surging over 30% in the past month. Recognizing the significance of this movement, Finbold sought insights from ChatGPT-4o, the latest and most advanced artificial intelligence (AI) chatbot model developed by OpenAI, to decipher SOL’s next trajectory.
Notably, ChatGPT-4o exhibits more accurate, faster, and cost-effective outcomes than other models.
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In determining SOL’s future trajectory, the AI platform identified key factors likely to its valuation through 2024. It highlighted Solana’s popularity among meme coin traders, potentially boosting its value as SOL is utilized for transaction fees and as a counter pair. Additionally, it noted advantages such as Solana’s high throughput and low transaction costs.
ChatGPT-4o also observed that positive regulatory developments, market sentiment, and technological advancements could support price increases. Conversely, negative regulations might suppress Solana’s value.
Solana price prediction
Given these influences, ChatGPT-4o outlined three potential scenarios for Solana’s price by the end of 2024. Assuming Solana maintains its current level of popularity and experiences steady, but not explosive, growth, the tool suggested a price range of $200 to $250. This estimate reflects a moderate increase from the current price.
In a best-case scenario, where market conditions are highly favorable, the adoption of Solana increases significantly, and there are no significant setbacks; the AI tool predicted that Solana’s price could exceed $300.
On the downside, if the market turns bearish or Solana encounters significant challenges, its price could fall below $175.
It’s worth noting that despite encountering significant challenges in 2024, Solana’s projection largely remains bullish. In particular, SOL faced a potential loss of investor interest after the project suffered one of the most significant network outages.
SOL’s resilience
However, Solana has exhibited resilience as SOL’s value rose partly due to the popularity of meme coins launched on the network. Overall, Solana has been one of the leading platforms to record a significant launch of tokens.
As reported by Finbold on May 15, Solana recorded the creation of 643,227 new tokens within 30 days. Out of these tokens, 466,914 were memecoins. Notably, these coins seek to emulate the popularity of other Solana-based tokens, such as Bonk (BONK).
With the current momentum, some market players believe that SOL will soon be primed for a new record high. For instance, in an X post on May 17, Daniel Choung, co-founder of Syncracy Capital, a digital asset hedge fund, acknowledged Solana’s strong performance, noting that the token is on track to reclaim the $200 mark en route to a new record high.
Solana price analysis
By press time, Solana was trading at $173.45, representing daily gains of over 3%. On the weekly chart, Solana is up over 20%.
In the meantime, SOL investors will hope the token sustains the current bullish momentum and reclaims $200, which will act as an anchor to a new record high.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
