The global cryptocurrency market experienced a volatile period earlier today as tensions escalated in the Middle East. Despite initial price drops, the market recovered quickly after it became apparent that the conflict resulted in minimal damage.
Notably, Solana (SOL) showed a similar trend, experiencing a notable decline followed by a swift recovery.
At the press time, Solana price today was trading at $144.68, reflecting a nearly 9% increase over the past 24 hours, surpassing even the value before Israel’s retaliatory attack on Iran.
SOL 1-day price chart. Source: Finbold
However, it is important to note that SOL price remains lower over longer time frames, with a 14.94% decrease over the past week and a 17.13% decrease over the last month.
Despite these short-term fluctuations, Solana has seen remarkable growth over the past year. The token’s value has surged by an impressive 639%, outperforming most of the top 100 cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
Nevertheless, Solana’s network has faced challenges with outages and congestion, particularly during the first week of April.
This congestion is largely attributed to the increasing number of users and their activity on the blockchain, especially with the rise of meme coins and decentralized exchange (DEX) transactions.
AI forecasts SOL price potential trajectory
Solana is currently trading between a support level at $123.41 and the resistance level at $157.96.
Machine learning algorithms, which rely on technical analysis (TA) indicators such as relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands (BB),, and average true range (ATR), forecast a bullish short-term trend for SOL, however they anticipate a bearish outlook in the long term.
According to the AI prediction model, SOL’s price of $144.68 as of April 19 will decrease by almost 9% to a price of $132.08 on May 1, so it will still be with its current support and resistance range.
SOL Prediction, May 1, 2024. Source: PricePredictions
Crypto expert shares insights on SOL price
Beside AI predictions, crypto expert Andrew Kang shared on X (formerly Twitter), on April 19, his belief that Solana presents a buying opportunity, with an anticipated price of $130 in the near future.
Kang predicts that the worldwide acceptance of crypto exchange-traded funds (ETFs), inspired by the US initiative, will initiate a subsequent surge in ETF investments, stating:
“We will have an onslaught of ETF approval headlines as the rest of the countries follow the lead of the US. The second wave of ETF inflows will kick in as wealth/asset management teams are cleared to solicit new customers for the ETF and rumors of mainland China access to BTC ETF start to bubble up.”
Moreover, Kang also acknowledged Solana’s current network problems that have impacted its price, but he expressed confidence that these issues will be resolved, creating opportunities for Solana’s recovery.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
