The Cryptocurrency Market in 2022
When the calendar showed the year 2022, the cryptocurrency market experienced two major collapses within a year. The first was Terra Luna, while the other was the FTX incident that occurred in the final months of the year. The collapsed exchange dragged many altcoins to the brink of extinction.
During this period, one of the altcoins that suffered the most was Solana (SOL), which hit rock bottom at the end of 2022 but made an incredible recovery in 2023, placing it among the year’s top earners. So, what was the SOL price prediction at the end of February 2024?
Price Prediction for Solana (SOL)
Despite a 20-day decline in the cryptocurrency markets linked to spot Bitcoin ETFs, machine learning and artificial intelligence (AI) algorithms paint an optimistic picture for the price of Solana (SOL), predicting a noticeable recovery by February 29.
According to data from January 31 provided by CoinCodex‘s algorithms, which have recently gained attention for their stock and cryptocurrency analysis predictions using AI and learning algorithms, Solana could see a price increase throughout February and could rise to $106.29 by February 29, 2024.
If the Solana price calculated by the machine algorithm, taking into account past trend movements, indeed reaches the expected level, it will be observed that the cryptocurrency, currently ranked fifth in terms of volume among cryptocurrencies, has experienced a 7.1% increase from its price at the time of writing.
Solana’s Market Position
SOL was outside the top 10 cryptocurrencies last year but later returned to the top 5 after its recovery. As of the time of writing, it is only behind BTC, ETH, USDT, and BNB in terms of market cap, and it is increasingly widening the gap with XRP.
Solana Price Analysis
As of the time of writing, the price of Solana is trading at $102, indicating a daily decline of over 2%. However, a weekly review shows that the SOL price has experienced an increase of over 18%. On a monthly basis, the price has fallen by 2%.
Looking at Solana’s trading volume, it has increased by 10% in the last 24 hours, rising above the $3.5 billion mark. On the other hand, its overall volume has decreased by 3%, falling to the $44 billion level.
