- Despite recent consolidation, Solana (SOL) is poised for growth.
- AI algorithms predict SOL could reach $39.73 by year-end, a 65% gain.
- Analysts, including Crypto Tony, eye the $25.50 level as a potential bullish trigger.
Despite opening the week with a bullish trend, most cryptocurrencies are currently in a consolidation phase, including Solana (SOL).
However, there is growing optimism among investors, driven by artificial intelligence (AI) algorithms, which predict a brighter future for Solana by the end of this year.
According to the AI-driven price prediction algorithms on CoinCodex, Solana is projected to reach $39.73 by December 31, 2023. This prediction suggests a potential gain of nearly 65% from its current price, which stands at $24.08 as of the most recent data on October 3, despite a 0.6% decline in the last 24 hours.
Solana Price Analysis
Over the past week, Solana has shown strong performance, with a 24.52% gain, and over the past month, it has surged by 23.23%. Since the beginning of the year, it has recorded an impressive 140% increase in its value.
It’s worth noting that Solana has been closely approaching the $25.50 price level, and analysts like Crypto Tony believe that surpassing this level could trigger bullish momentum in the cryptocurrency.
Crypto Tony had previously predicted Solana reaching $100 in the near future, a forecast met with some skepticism.
However, considering Solana’s history and potential, it’s not entirely impossible. Solana’s all-time high (ATH) had reached nearly $260.
AI Algorithms’ Optimism
The AI algorithms also share optimism about Solana’s future, though their timeline differs from Crypto Tony’s predictions. They anticipate Solana reaching $107.11 within the next year, targeting October 1, 2024, as the date for this milestone.