Despite a rather broad rally in the crypto market in late 2023 that saw multiple cryptocurrencies, including the likes of Bitcoin (BTC) and Ethereum (ETH), surge to highs not seen in well over a year, few have shot up as much as Solana (SOL).
In the last 52 weeks, SOL rose more than 800%, having stood near $11 at the beginning of 2023 and close to $110 at its end. Its rise in the last quarter of the year was even more drastic and swift, with it gaining 500% in just two months.
In the last 24 hours, the cryptocurrency lost some of its value along with many other coins and tokens – likely due to uncertainties surrounding the approval of a spot BTC exchange-traded fund (ETF) – and fell by 12.49% to $99.47 after recovering from a low of $93.
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Given its incredible rise and some cautionary changes in the dynamic, such as a marked transition to other ecosystems, Finbold decided to consult OpenAI’s flagship artificial intelligence (AI) platform – ChatGPT – on what 2024 might have in store for SOL.
ChatGPT assesses SOL’s prospects in 2024
ChatGPT started its analysis of Solana by noting its impressive strength in the closing months of 2023. It, however, also noted that such a surge has the potential to significantly amplify the ever-present high volatility of the crypto market.
With this in mind – and taking into account the general opinion that 2024 will be a major bull market for cryptocurrencies – the AI offered three likely ranges that could constitute SOL’s yearly high.
ChatGPT considers that Solana is likely to reach as high as $440 in 2024 but conceded that the figure may be lower – up to $400 – or even higher – up to $470. While the AI’s forecasts – all of them constituting major upsides from the current price of $99.47 – it is important to note that ChatGPT isn’t particularly confident in its prediction, giving a likelihood between 20% and 30%.
The AI also noted that while the Bitcoin halving is almost guaranteed to have a significant impact on the price of SOL and other cryptocurrencies, it stated that its timing and extent are impossible to predict accurately.
The platform also stated that SOL is likely to end the year below its 2024 highs, estimating that should it reach $440 at some point, it could find itself between $380 and $410. Similarly, the AI believes that both the higher and the lower forecasts are likely to be followed by corrections to between $410 and $440, and $340 and $370, respectively.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
