For months, Solana (SOL) has been one of the biggest stars of the ongoing cryptocurrency bull market.
The blockchain’s token – SOL – experienced a terrific rise from around $20 in late 2023 to as high as $200 in early 2024. Even after a recent downturn, it remained up 37.28% on the year-to-date (YTD) chart, and Solana’s price was at $139.07 in the early hours of June 27.
In addition to the token, the Solana blockchain has also been remarkably active, spawning millions of new projects of different types, with varying degrees of success and legality throughout the year.
But recently, the entire ecosystem has been overshadowed by a dark shadow of doubt.
The recent lackluster performance – which saw just 12 green days out of the last 30 days – was further marred by rumors of a police investigation allegedly in its final stages, with some crypto influencers announcing that a “big case” would soon come to light.
On June 27, Solana suffered another blow when a sudden and massive 90% drop in the USDC stablecoin’s daily volume was detected. The anomaly immediately raised doubts about Solana’s legitimacy, with many concluding that the volume may have been driven by wash trading.
Finally, what makes the mystery surrounding SOL even stranger is the fact that hours after the first hint of the drop in USDC volume, the token shot up by about 7% in a matter of minutes, and thanks to this surge, the Solana price today, at the time of publication, is at $146.78.
However, it is worth noting that the rapid rise above $145 also coincided with the first report that VanEck was setting up a Solana trust, which may have led to significant inflows.
AI sets SOL price for July 1
Regardless of current events and Solana’s long-term prospects, Finbold decided to try to figure out how SOL might fare in the short term.
To this end, the algorithms of a platform specializing in predicting future prices of digital assets will rely on machine learning and artificial intelligence (AI) – Price predictions – were consulted.
As it turns out, the platform’s systems assume that there won’t be much turbulence in the last days of June. Price prediction The forward-looking chart shows that Solana will maintain a steady uptrend until July 1, when it will trade at $155.49 – 5.93% above its press-time price.
On the other hand, given the significant volatility and especially recent events – as well as rumors of an investigation – the prediction seems quite implausible due to the assumed low volatility.
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