AI sets Solana price for May 31, 2024

As the larger part of the cryptocurrency sector is witnessing the struggle between bears and bulls, Solana (SOL) is no exception, with bulls seemingly in the lead for the fifth-largest digital asset by market capitalization and artificial intelligence (AI) algorithms retaining optimism.

Indeed, Solana has moved in the red for the past few weeks but has nonetheless managed to sustain a steady advance since the year’s turn thanks to the surge in blockchain projects on its platform and despite the (now resolved) network issues like congestion.

Solana price prediction 30-day chart. Source: PricePredictions

As it happens, such a positive predicted change would represent a gain of 3.7% to Solana’s current price, provided that the projections, based on technical analysis (TA) indicators such as moving average divergence convergence (MACD), relative strength index (RSI), and others, are correct.

Solana price analysis

For now, Solana is changing hands at $141.92, gaining 3.73% on its daily chart, as it moves to reverse the 3.21% loss from across the previous week, and the accumulated decline of 24.40% in the past month, according to the most recent price data on May 3.

Solana price 24-hour chart. Source: Finbold

Meanwhile, crypto analyst Jacob ‘Crypto’ Bury has recently predicted that Solana could rise three to four times in 2024, particularly as at the time it had a 2.8% dominance in the overall crypto market valued at $2.16 trillion, according to the analysis he shared in an X post on May 2.

Here is why $SOL could be headed for another 3-4X at least from these prices – remember #solana has already indeed done a 6X (or more, depending on entry) from the lull of 2023.$SOLANA currently has 2.8% dominance of the overall crypto markets that are valued at $2.16TEven if… pic.twitter.com/KJ8NoOLEBw

It is also worth mentioning that one of the factors that could impact the price of SOL is the activity of its largest holders, a.k.a whales, which have recently carried out a couple of massive transfers within hours of each other, involving a total of 22 million SOL tokens, as Finbold reported on April 28.

Ultimately, the asset might continue to improve its price toward the target set by the AI algorithms but, at the end of the day, making a definite Solana price prediction is difficult, particularly as things in this industry can sometimes change on a whim, so doing one’s own due diligence is adamant.

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