Solana (SOL), a major altcoin, has seen a significant surge, rising 500% in the last two months of 2023 and surpassing $100. Starting the year at around $11 and closing at approximately $106, SOL’s performance has sparked interest in its potential trajectory for 2024. To understand SOL’s path for the remainder of this month, we turned to CoinCodex’s AI-based machine learning algorithms.
CoinCodex’s algorithms analyze past performance, current market conditions, and various factors to predict future prices of cryptocurrencies like SOL. According to their projections, SOL is expected to trade at $119.22 by January 31, 2024. This forecast suggests a continued but moderate rise in SOL’s value. Additionally, the accompanying chart indicates significant volatility expected for Solana, with the algorithms pointing to a few key peaks within the month, reaching $127 on January 8, 2024, and $133 on January 30, 2024.
Further data from CoinCodex on January 2, 2024, shows a general bullish sentiment for Solana. The “Fear and Greed Index,” which tracks investor sentiment, signals “greed” for the altcoin, indicating a positive market outlook.
Amidst a rising trend in the cryptocurrency market in the final month of 2023, Solana showcased a strong performance, drawing significant attention. With the crypto market starting 2024 on a positive note, SOL has demonstrated renewed strength. A broader look at SOL’s price chart reveals an impressive 79% increase over the past 30 days.
According to real-time data from the crypto data and price platform CoinMarketCap, SOL is trading at $109.74, experiencing a 3.66% decrease over the last 24 hours at the time this article was written.