IMPORTANT POINTS:
- Although Solana has seen declines in recent weeks, the AI is optimistic about the cryptocurrency for May.
- AI algorithms expect SOL to rise approximately 4% to $147 by the end of this month.
- Latest data revealed that SOL whales have been accumulating a large amount of tokens.
After a correction that dragged down the entire market, cryptocurrencies recovered on Friday and Solana was no exception.
Although SOL accumulated a weekly loss of 1% and has been under pressure in recent days, this Saturday it recovered 2.8% to trade at $144.
In this context, the AI of the PricePredictions platform has prepared a positive estimate on Solana for May 31, 2024.
In detail, he predicted that SOL would rise approximately 3% from current levels to close the month above $147.
Crypto analyst Jacob Bury is even more optimistic about SOL’s future, having already stated that the altcoin’s price would increase three or four times by the end of this year.
His argument comes from the 2.8% market share that Solana currently has, something that could increase in the coming months. It should be remembered that SOL is currently the fifth largest cryptocurrency in the world.
The thing is that the large holders of SOL, called whales, have recently carried out transactions above 22 million dollars, which would indicate an advantage for the altcoin in the short term.
In any case, the global economic context and financial news that usually affect the price of cryptocurrencies will also have to be taken into account. For example, the latest US employment data caused Bitcoin to skyrocket, dragging the entire market higher.
