Machine learning algorithm predicts Solana price for February 29, 2024

Despite a temporary setback for the larger part of the cryptocurrency market, machine learning and artificial intelligence (AI) algorithms are relatively optimistic about the price of Solana (SOL), predicting a significant recovery by the end of the next month.

As it happens, Solana could improve its price during February, reaching $106.29 by February 29, 2024 – at least this is what advanced price projection algorithms over at the crypto and stock analytics and forecasting platform CoinCodex have predicted, as per the information retrieved on January 31.

Solana 1-month price prediction. Source: CoinCodex

Indeed, if the machine algorithm’s above prediction, calculated using the historical Solana price trends and accounting for past volatility and market movements, becomes a reality, the price of the fifth-largest asset in the crypto sector would increase by 7.1% from where it stood at press time.

Solana price analysis

As things stand, Solana is currently changing hands at the price of $99.25, recording a 4.75% decline on the day, an increase of 14.17% over the week, and a drop of 6.15% accumulated across the past month, according to the most recent charts.

Solana 30-day price chart. Source: Finbold
Cryptocurrency

Machine learning algorithm predicts XRP price for February 29, 2024

Cryptocurrency

Over $4 billion flows into Solana in a week; Can SOL reach $200?

Cryptocurrency

3 cryptocurrencies to turn $10 into $1,000 in 2024

Stocks

AI predicts Bud Light stock price for the end of 2024

Stocks

AI predicts Microsoft stock price for end of 2024

At the same time, the one-month technical Analysis (TA) gauges at the finance and crypto market monitoring website TradingView are also bullish on Solana, calling for a ‘buy’ at 9, which is the summary of oscillators in the ‘sell’ zone at 2, and moving averages (MA) suggesting a ‘strong buy’ at 8.

Solana 1-month sentiment gauges. Source: TradingView

All things considered, the machine learning algorithms could be correct, and Solana might improve its price in the near future, especially as $4 billion has flown into its market cap in a single week, and the network has experienced increased activity, as Finbold reported on January 29.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Comments

Post a Comment

Popular posts from this blog

STX Hits 52-Week High! Ascending Channel Points to Bullish Trajectory

Image
Stacks (STX) soars 8.74% in 24 hours, hitting a 52-week high at $2.06, riding the crypto wave. STX’s rise is attributed to Bitcoin optimism and its role as a layer 2 solution. Technical analysis points to a bullish trend, aiming for $2.6, but watch out for potential corrections at $1.6. Stacks (STX) has continued its upward trajectory, with its price recently reaching a 52-week high of $2.06, marking an 8.74% increase in just 24 hours. This surge is part of a broader trend that has seen the cryptocurrency gain 749% over the past year. Market analysts attribute this impressive performance partly to the growing optimism surrounding the potential approval of a spot Bitcoin ETF, which could further galvanize the cryptocurrency sector. STX/USD 24-hour price chart (source: CoinStats ) During the bull rally, STX’s market capitalization and 24-hour trading volume surged 9.45% and 24.95%, to $2,852,664,529 and $715,025,179, respectively.  Stacks as a Bitc
Read more

XAI tanks by 20% after airdrop and Binance listing

Image
The layer-3 gaming token fell by more than 20% after an airdrop and Binance listing on Jan. 9. According to CoinGecko, the layer-3 gaming token Xai has fallen by more than 22% in 24 hour trading. The current price of the token is $0.5231. X rate fell sharply just a day after reaching an all-time high on Jan. 9, in which the price of the coin was $0.7734. Source: CoinGecko The token price collapse occurred shortly after Xai held its first major gaming token airdrop in 2024. According to the Xai Foundation, it offered 125 million XAI tokens (or 5% of the total token supply) to eligible users, including holders of certain Xai NFTs and those operating gatekeeper nodes or validators that help support the network. Dear Xai Community, As we approach the XAI token claim, it's crucial to stay vigilant against potential scams. Please carefully read and follow these guidelines: Official Contract CLAIM Address: The ONLY legitimate $XAI airdrop claim contract address is… — XAI (@X
Read more

Bitcoin Price Prediction: MicroStrategy Boosts BTC Ownership To 1% Of Supply As This Eco-Friendly Alternative Soars Towards $7 Million

Image
The Bitcoin price gained slightly in the last 24 hours to trade at $63,857.08 as of 9:05 a.m. EST as investors tentatively accumulate the crypto. During BTC’s 12% correction over the past 7 days, MicroStrategy bought another 9,245 bitcoins for $623 million in cash between Mar. 11 and Mar. 18, according to a Mar. 19 statement . Following this latest purchase, the company’s total BTC holdings stand at 214,246 BTC, which is more than 1% of the crypto’s total supply of 21 million coins. The Bitcoin Price Bounces Off Of A Key Support 4-hour chart for BTC/USDT (Source: TradingView ) The Bitcoin price rebounded off of the $61,481.65 support level in the last 12 hours. Should bulls continue to push the market leader’s price higher, it may attempt to reclaim a position above $65,847.29 in the coming 48 hours. A 4-hour candle close higher than this significant price point could then give BTC the foundation needed to keep climbing. In this more bullish scenario, the crypto may try to fli
Read more