AI determines the price of Solana (SOL) for June 30
Solana (SOL) has displayed a bullish trend throughout 2024, with the decentralized finance (DeFi) token surging by over 170% in the last six months.
Driven by increased activity on the Solana blockchain, investors have set a key goal of reaching the $200 price target for the asset. They believe that surpassing this mark will pave the way for another all-time high.
To determine the future trajectory of SOL’s price, Finbold consulted artificial intelligence (AI) that utilizes machine learning algorithms to gather insights into the asset’s potential valuation at the end of the month.
According to data retrieved on June 2, the AI tool predicted that SOL is likely to trade at $188.59 on June 30, reflecting an increase of nearly 15% from the current price.
In addition to the AI’s price projection, analysts at Vantage Markets shared insights into key price levels to watch. In a TradingView post on May 31, the analysts noted that SOL is approaching a critical resistance level aligned with the 50% Fibonacci retracement, suggesting a potential reversal.
The experts advised traders to consider entering at $175.23, targeting this overlap resistance for its strategic significance. The stop loss is set at $188.78, where a pullback resistance level provides a safeguard.
Overall, Solana’s price movement has been heavily influenced by on-chain activity, with the meme coin frenzy playing a significant role. The price has rallied due to surging investor interest in Solana-based memecoins like Dogwhifhat (WIF) and Bonk (BONK). This frenzy has increased Solana’s network activity, resulting in higher transactions and revenues.
Furthermore, the influx of new meme coins has significantly boosted the total value locked (TVL) across the Solana ecosystem. According to data from DefiLama, Solana’s TVL stands at $4.787 billion, experiencing a 239% surge in 2024.
As of press time, Solana was trading at $164, with a 24-hour correction of approximately 1.5%. Over the past seven days, the cryptocurrency has gained about 1%.
Meanwhile, Solana’s technical indicators remain largely bullish for the next month. Data from TradingView shows that a summary of the 30-day technical indicators aligns with a ‘buy’ sentiment at 9, while moving averages indicate a ‘strong buy’ at 7. Oscillators recommend a ‘buy’ at 2.
Overall, with Solana being dominated by bullish sentiments, the token’s bulls must maintain the price above the $160 support to sustain steady upward momentum.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative, and when investing, your capital is at risk.