AI Chatbot ChatGPT from OpenAI has forecasted a tremendous price movement for the Solana (SOL) cryptocurrency, indicating an 8x price surge for the token from its current price level.
Solana To Hit $1,000 By 2024
ChatGPT believes Solana is well positioned for a bullish run, expecting to be at the $1,000 mark by 2024. The bot’s prediction results from positive market developments and the broad use of the cryptocurrency’s blockchain.
The bot has also been seen predicting that the price of SOL could reach $1,000 by the end of 2024. This is due to the cosmic surge of innovations and widespread adoption.
Solana propelled by a cosmic surge of innovation and widespread adoption, could potentially reach a stellar price of $1000 by the end of December 2024.
ChatGPT‘s prospects seem promising due to several recent factors that spark growth for the cryptocurrency. The crypto’s blockchain has recently garnered strong interest from the cryptocurrency community.
Its excellent performance, minimal transaction costs, and scalability have drawn an increasing number of users and developers. This sparks increased adoption of Solana-based innovations, positioning the digital asset for a potential price increase.
In addition, the crypto asset’s increase in demand for leverage longs could also buttress this prediction. SOL reached its highest level of futures open trade since its all-time high price of $260 in November 2021.
The demand for the cryptocurrency is anticipated to increase as the Solana ecosystem grows, pushing up the asset’s price.
The crypto’s asset Total Value Locked (TVL) is not left out. Solana’s TVL recently experienced a significant surge in its TVL. Its TVL was approximately valued at $409.68 million, but now $584.59 million, indicating over a 42% increase, according to DefiLlama.
Current Market Trend Sparks Price Increase For The Cryptocurrency
Another factor that could propel the asset’s price is the current bullish sentiment of the cryptocurrency market. Without a doubt, Solana has been the market’s most optimistic large-cap cryptocurrency this year.
SOL has increased by approximately 550% since the beginning of 2023. This puts it at the fifth position among all the top 100 cryptocurrencies in terms of performance.
Last week, SOL experienced a significant price surge, reaching its yearly high of $68. Due to the general attitude of the market, the price of Solana could thrive in this conducive atmosphere.
Currently, the crypto asset is trading at approximately $60 as of writing, indicating a 0.21% increase in the past 24 hours. Its market capitalization is currently valued at $25,435,629,906, indicating the same percentage increase in the past 24 hours, according to CoinMarketCap.
Featured image by iShock, chart by Tradingview.com