ChatGPT says Solana price will hit this target by December 31, 2024

Despite its undeniable successes in the cryptocurrency market, Solana (SOL) has been hit hard by the stagnation that emerged as the initial investor euphoria over Donald Trump’s victory subsided.

Having started at $157.61 on the eve of the election, SOL rocketed 63.22% to $257.25 on November 21 before correcting toward $230 and entering a period of volatility and decline.

Still, despite falling to $229.61 at press time on December 12, Solana remains 10.46% in the green in the last 30 days and 58.05% in the last 6 months, and cryptocurrency investors remain optimistic about the months to come.

Under the circumstances, Finbold elected to consult ChatGPT-4o’s advanced artificial intelligence (AI) to try to determine whether the rally will reignite by December 31 or if traders will have an even better ‘buy the dip’ opportunity.

ChatGPT sets SOL price target for December 31

Though it moderately misjudged Solana’s press time price, placing it at $231.49, ChatGPT quickly positively assessed the overall situation. Specifically, the AI identified a string of developments crucial for SOL to continue to enjoy strong tailwinds.

According to ChatGPT, these include the general crypto market momentum, institutional adoption, high network activity, technical developments and tools like Gameshift, and the positive investor sentiment generated by the anticipated regulatory changes and Bitcoin (BTC) hitting the $100,000 milestone.

Still, the AI’s price target for December 31 proved rather conservative as it estimated that – at $250 – SOL will not reclaim its 2024 highs before the New Year.

Crypto analysts increasingly bullish about Solana

If ChatGPT proved bullish but cautious about Solana’s future, various cryptocurrency analysts – whether prominent voices on X or community members – have recently become simply optimistic.

Multiple examinations posted to TradingView by multiple prolific traders and experts, such as Shadowfigure, LOWCO_487, and basictradingtv, have all, in recent days, acknowledged some uncertainty about SOL’s future direction but also all concluded that Solana is poised for a continued bull run.

The analyses were based on numerous technical factors, including the token’s decisive consistency in trading above the 200-day simple moving average (MA), momentum in relation to critical support and resistance zones, volume, and the fact that – depending on the exact time frames used – Solana formed a string of positive patterns, including a bullish pennant and a bullish falling wedge.

Still, perhaps the most positive assessment was shared by the popular on-chain analyst Ali Martinez, who, in a December 10 X post, opined that SOL formed a major ‘cup and handle’ pattern, set to eventually take the cryptocurrency all the way up to $4,000 – 1,642.08% above the press time price.

Featured image via Shutterstock

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