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The prominent altcoin Solana (SOL) faced various bullish predictions due to its strong performance in the last month of 2023, managing to meet and even exceed many of them. Data shows that the altcoin surged by up to 500% in just the last two months, surpassing the $100 mark. Entering 2023 at around $11 and closing the year near $106, the big question now is what SOL will do in 2024. We turned to CoinCodex’s artificial intelligence-based machine learning algorithms to understand SOL’s trajectory, especially until the end of this month.
January Will Be a Dynamic Month for Solana’s SOL
CoinCodex’s artificial intelligence-based machine learning algorithms analyze past performance along with current market conditions and factors to try to predict the future price of assets like SOL. Accordingly, CoinCodex predicts that Solana’s SOL will trade at $119.22 on January 31, 2024.
This expectation suggests that the altcoin will continue to rise, albeit not at a high rate. The accompanying graph indicates that machine learning algorithms expect significant volatility for Solana. The algorithms also point to Solana hitting several key peaks this month, briefly reaching $127 on January 8, 2024, and climbing to $133 on January 30, 2024.
Additionally, data from CoinCodex on January 2, 2024, shows that sentiment in Solana is generally on an uptrend, and the “Fear and Greed Index,” which tracks investor sentiment, is signaling “greed” for the altcoin.
SOL Price Analysis
Solana showed strong performance alongside the rising cryptocurrency market in the last month of 2023, attracting significant attention. The positive stance of the cryptocurrency market at the start of 2024 also enabled SOL to demonstrate strength again. A broader look at the altcoin’s price chart reveals an even more impressive situation, with data indicating a 79% increase in SOL’s price over the last 30 days.
According to real-time data provided by the crypto data and price platform CoinMarketCap, SOL was trading at $109.74, down 3.66% in the last 24 hours at the time this article was prepared.
