As the majority of assets in the cryptocurrency market continue to consolidate their previous gains, Solana (SOL) is no exception, recording a decline of over 15% in the last day. However, artificial intelligence (AI) algorithms remain optimistic regarding its price trends in 2024.
Indeed, Solana has started to retrace after several significantly bullish weeks during which it has managed to climb to the fourth place in terms of its market capitalization, and advanced AI price forecasting algorithms see even more intense gains toward the year’s end.
SOL 1-year price prediction. Source: CoinCodex
At the same time, the fourth iteration of the revolutionary OpenAI brainchild ChatGPT, called GPT-4, has offered Solana price prediction 2024 targets that see it potentially reaching upwards of $200-$300. That said, the chatbot further explained that:
“This prediction operates under the assumption of continued positive market trends, technological advancements within the Solana network, and broader cryptocurrency adoption.”
Meanwhile, Claude 3 Opus, the latest AI model by Anthropic, has projected that SOL could reach a price between $250 and $400 by the end of 2024, “based on the assumption that the overall crypto market remains bullish, and Solana continues to gain adoption and partnerships.”
Solana price today
At press time, Solana was changing hands at the price of $173.51, suggesting a decline of 16.47% in the last 24 hours while still holding onto the 15.31% gain on its weekly chart, as well as gaining 55.57% in the past 30 days, according to the latest data on March 19.
Solana price 30-day chart. Source: Finbold
As it happens, the recent figures arrive as Solana is witnessing a massive spike in interest, reflected in Google Trends recording the search popularity of the term ‘Solana’ at an all-time high (ATH) score of 100, signifying peak popularity and marking the highest search interest in the past five years.
Why is Solana going down today?
However, the recent drop in price also coincides, not just with the overall bearish sentiment that has engulfed the cryptoverse, but also with the Solana network suffering severe congestion with significant implications for transaction processing, due to, ironically, the massive surge in interest.
As a reminder, Solana’s ecosystem has in the past faced concerns regarding its history of outages and transaction failures that can lead to frustration among users and developers, undermining their confidence in the network’s reliability, and consequently exercising a negative impact on the price of SOL.
All things considered, Solana’s native token could, indeed, recover and proceed toward the above price ranges set by AI platforms, but things in this sector can sometimes change on a whim, which is why doing one’s own research and keeping up with Solana news is critical.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
