Solana’s Price Surge: What Drives It?
Release: 2024/05/04 02:04 Reading: 722
You can also read this news on COINTURK NEWS: Solana’s Price Surge: What Drives It?
While a significant bull-bear struggle occurs in cryptocurrencies, Solana (SOL) proves to be no exception. Despite its large market value and incredible price fluctuations, artificial intelligence was optimistic about SOL.
How Much Will Solana Coin Be Worth?
Following the 2022 FTX incidents, SOL, which had nearly collapsed, recovered and dominated the market throughout the remainder of 2023 and into 2024, making a significant impact with itself and meme coins.
While all this was happening, the advanced prediction algorithms used by the cryptocurrency tracking platform PricePredictions, indicated an optimistic price forecast of $147.11 for Solana by May 31, 2024, based on the latest data available on May 3.
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If the price prediction proves accurate, using technical analysis (TA) indicators like the moving average convergence divergence (MACD) and the relative strength index (RSI), a positive price movement could result in a 3.7% rise from Solana’s current price level.
Solana Coin Commentary
As of now, based on the latest data from May 3, Solana seems to be reversing a 3.21% loss over the last seven days and a cumulative price drop of 24.40% from the previous month. Daily chart reviews show SOL gaining 3.73% in value, rising to $142.46.
Solana’s market cap has increased by 3% during this period, surpassing $63.5 billion, while there has been a noticeable decline in the 24-hour trading volume, which stands just above $3 billion after a 24% drop.
On the other hand, cryptocurrency analyst Jacob ‘Crypto‘ Bury shared his analysis under a post on X on May 2. He predicted that Solana could experience a three to four-fold increase by 2024.
Especially today, with a total cryptocurrency market value of $2.16 trillion, SOL is predicted to hold about 2.8% dominance.
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As we reported on April 28, various factors are known to influence SOL’s price. It is also worth noting that several large whale transactions involving a total of 22 million SOL tokens occurred over different time frames in recent days.
The post first appeared on COINTURK NEWS: Solana’s Price Surge: What Drives It?
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