At the start of 2023, Solana encountered difficulties post-FTX turmoil but rebounded impressively throughout the year, with its value soaring from under $20 to exceeding $200 on multiple occasions by the year's close. This surge in price coincided with an increase in new projects on the Solana blockchain.

Factors Influencing SOL Price Movements

The outlook for SOL appeared positive in early 2024 as its price surged by 48.79%, breaching the $200 mark in March alongside Bitcoin's peak. However, the bullish trend tapered off recently, with SOL's value dropping by 13.03% in the past week, now standing at $148, a 3% decrease in the last 24 hours. In the SOL/TRY market, the token is valued at around 4,780 TL.

Where Will Solana's Price Head Next?

Apart from market trends and meme coin fervor, Solana's ecosystem witnessed crucial updates, particularly a beneficial fee structure change for block validators in the latest May update. Given Solana's historical performance, AI algorithms have been speculating on its trajectory for 2024.

Key Insights for Potential Investors

• Machine learning models anticipate Solana's stability in the $150-$175 range until mid-October.
• A significant upward trend is projected in the final quarter of 2024, possibly reaching $200 in November and surging to $365 by December's conclusion.
• Post this peak, AI forecasts a correction, envisioning a year-end price of $324.09.
• Technical analysis warns of potential risks if SOL dips below the critical support level of $143, which could invalidate the projections and lead to a deeper decline.

Looking ahead to the closing months of 2024, machine learning algorithms provide varied predictions for Solana, suggesting a period of stability until mid-October followed by a notable price surge that may propel the value to $365 by December's end. However, caution is advised, with technical analysis pointing out risks if crucial support levels are breached.