Following a difficult period for its price, which has seen it decline over 5% in a single week’s time, Solana (SOL) seems to have started to recover, and a newly released artificial intelligence (AI) assistant is reasonably optimistic regarding its price performance in 2025.
As it happens, Finbold has tasked the Meta Platforms (NASDAQ: META) AI model called Llama 3.1 to offer insights into the possible price of the currently fifth-largest asset in the cryptocurrency sector by market capitalization from the standpoint as of August 14.
SOL/ETH performance analysis. Source: Peter Brandt
That said, crypto trading expert Alan Santana has recently observed that Solana was exhibiting a strong bearish signal in August 2024, suggesting a steeper decline in its price, especially considering the volume and price chart patterns mimicking those in July 2023.
Solana price performance analysis and prediction. Source: Alan Santana
Solana price analysis
For the time being, Solana is trading at the price of $147, which reflects an increase of 1.59% in the last 24 hours, reducing the 2.67% drop across the week and the accumulated decline of 2.40% over the past month, according to the most recent chart information.
Solana price 24-hour chart. Source: Finbold
So, why is Solana pumping today? It is also worth noting that its positive price action coincides with the rapid adoption of the Paypal (NASDAQ: PYPL) United States dollar-pegged stablecoin (PYUSD) on the Solana blockchain, as it beats Ethereum in the size of the stablecoin’s total supply on it.
Ultimately, although some technical analysis (TA) indicators point to a different conclusion, at least in the short term, Solana might, indeed, continue to recover its price and hit the target suggested by Meta AI. However, it is only an AI model, so doing one’s own research is critical when investing in crypto assets.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
