AI updates Solana price forecast for the end of 2024

Since the latter part of 2023, the cryptocurrency Solana (SOL) has been on a tumultuous journey, with its value skyrocketing from under $20 to soaring past $200 on multiple occasions. Furthermore, the Solana blockchain has been witnessing a surge in new projects being hosted on its platform.

The price of SOL has experienced a 48.79% increase since the beginning of 2024, hitting above $200 twice in March. However, recent trading has been relatively lackluster, with the token dropping by 13.03% in the last week, bringing the current Solana price to $150.75 at the time of writing.

In addition to the volatile price movements, the Solana ecosystem has been undergoing a series of updates and upgrades, with the most recent one occurring in late May, which changed the fee structure to benefit block validators.

With all the changes Solana has undergone in the past eight months, Finbold has turned to predictive artificial intelligence (AI) algorithms to forecast where SOL might be headed by the end of 2024.

The AI-driven algorithms predict that Solana will trade within the range of $150 to $175 with relative stability until mid-October. However, the final quarter of the year is expected to bring a significant uptrend for the token, with SOL projected to surge past $200 in November and surpass $365 by December.

Despite the bullish outlook, technical analysis contradicts the short-term stability prediction, suggesting that Solana could make a substantial move of up to 53% if it breaches its support level at $143 or resistance at $178.

It’s important to note that the information provided in this article should not be taken as investment advice, as investing in cryptocurrencies carries inherent risks.