finbold.com
Solana‘s (SOL) remarkable 2023 performance has made it a standout among cryptocurrencies. Finbold then turned to Grok, an artificial intelligence (AI) developed by Elon Musk’s xAI, for insights into SOL for 2024.
Notably, the blockchain’s total value locked (TVL) has soared, reflecting increased user confidence. Institutional money flows have also shown a strong preference for Solana. This success can be attributed to SOL’s improving fundamentals, such as transaction volume and low fees.
Looking forward, Finbold asked Grok for Solana’s price prediction for the end of 2024.
This AI promises to be one of the most advanced models in the market, currently in testing phases. Previously, Grok offered a price prediction for XRP, and even before, Musk’s AI named a cryptocurrency to be used for payments on X (formerly Twitter).
Grok’s bullish and bearish prediction of XRP price in 2024
Interestingly, in the best-case scenario, Grok expects Solana to reach between $125 and $150 by the end of 2024. Meanwhile, given the wrong developments, the strongest Ethereum competitor could fade to a range as low as $60 to $80.
Grok’s bullish price prediction on SOL
“Based on the available data and recent market trends, a bullish outlook for Solana (SOL) by the end of 2024 would be in the range of $125 to $150. This is supported by the coin’s impressive performance in 2023, the growing popularity of the Solana network, and the potential for further developments and partnerships.”
— Grok, by xAI
Grok’s bearish price prediction for SOL
On the other hand, a bearish outlook for Solana (SOL) by the end of 2024 would be in the range of $60 to $80. This is based on the potential risks and uncertainties in the crypto market, such as regulatory changes or a slowdown in the overall market growth.
— Grok, by xAI
Conclusion and Solana price analysis
In the meantime, SOL is trading at $90.30 at the time of publication. A bull run to Grok’s highest prices at $150 would result in 66% gains, while a move downwards to $60 would accrue 33% losses.
However, Grok also makes it clear that these predictions could fail to occur. The AI explains the forecasts are based on available information and market trends. Therefore, investors must do their own research and remain cautious. Finbold echoes these warnings.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.