Even though the bullish sentiment in the wider cryptocurrency sphere has started to slow down, many assets are not yet losing steam, including Solana (SOL), which has continued to trade green on its daily chart, and machine learning and artificial intelligence (AI) algorithms predict more advances.
Specifically, Solana might continue to grow its price during March, perhaps reaching the level at $149.18 by March 31, 2024, according to the most recent forecast by the advanced machine learning algorithm over at the crypto analytics platform PricePredictions retrieved on March 7.
Solana 1-month price forecast. Source: PricePredictions
Indeed, should the algorithm based on indicators such as moving average convergence divergence (MACD), average true range (ATR), Bollinger Bands (BB), relative strength index (RSI), and others prove correct, it would mean an increase of 6.98% for the fifth-largest crypto asset by market capitalization.
Solana 30-day price chart. Source: Finbold
At the same time, the sentiment on Solana’s 1-week technical analysis (TA) gauges is exceptionally bullish, suggesting a ‘strong buy,’ based on oscillators in the ‘buy’ zone at 2 and moving averages (MA) pointing at a ‘strong buy’ at 12, as per the recent TradingView data.
Solana 1-week technical gauges. Source: TradingView
Bullish factors
It is also worth noting that Solana has recently broken out of an ascending triangle it has been making for over two months, “retested in uncomfortably deep and then turbo-bounced,” and it could take off “HARD from here,” as observed by crypto analyst CryptoJelleNL on March 6.
Solana price action analysis since November 2023. Source: CryptoJelleNL
On top of that, Solana has also been recording impressive results in other areas, including achieving the best week ever in terms of volumes on Solana-based decentralized exchanges (DEXs), having reached $11.24 billion between February 25 and March 2, as Finbold reported.
Solana-based DEXs volume. Source: Defi Llama
All things considered, Solana could, indeed, increase its price to reach the machine algorithm’s target as long as it keeps its bullish momentum and positive developments like the fresh wave of on-chain activity. However, things could easily change in this sector, so detailed research is critical.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
