Although the overall upward trend in the cryptocurrency market has slowed down, solana Many assets such as (SOL) are still trading in the green. Machine learning and artificial intelligence (AI) algorithms predict that SOL may continue to advance further.
In particular, the advanced machine learning algorithm of the PricePredictions crypto analysis platform predicts, based on data obtained on March 7, that Solana may continue to increase its price in March and perhaps reach the $149.18 level by March 31, 2024.
If the algorithm that works with indicators like moving average convergence divergence (MACD), average true range (ATR), Bollinger Bands (BB), relative strength index (RSI) and similar indicators is correct, the fifth largest crypto- It could mean a 6.98% increase for its existence.
Solana Price Analysis
According to CoinGecko data, SOL is currently trading at a price of $139.46. This represents a 6.38% increase on the day. Moreover, it gained 8.80% last week and registered a rise of 48.59% on its monthly chart.
At the same time, sentiment on Solana’s 1-week technical analysis (TA) indicators is extremely bullish, based on oscillators in the ‘buy’ zone at 2 and moving averages (MA) indicating ‘strong buy’ at 12, according to the latest TradingView data. recommends ‘strong buy’.
Rise Factors
It’s also worth noting that Solana recently broke out of an ascending triangle that lasted more than two months, “retesting at uncomfortable depths and then turbo-hopping.” Crypto As observed by analyst CryptoJelleNL on March 6, there could be a “HARD” rise from here.
On top of that, SOL is recording impressive results in other areas as well, including the best week ever for volume on Solana-based decentralized exchanges (DEXs), reaching $11.24 billion between February 25 and March 2.
All things considered, as long as Solana maintains its bullish momentum and positive developments such as the new wave of on-chain activity, it could indeed increase its price to reach the target set by the machine algorithm. However, it is important to remember that given the variability in this industry, detailed research is critical.
