With Solana (SOL) up another 12% today, it has maintained its strong surge. Can the coin continue to grow and surpass Dogecoin (DOGE) in market capitalization? SOL has resumed its surge and displayed significant momentum in the last week after slowing down earlier in the month. The coin has continued to perform well today and has been no different.
SOL/USD 4-hour chart | Source: TradingView
One of the cryptocurrencies with the quickest growth in 2021 was Solana (SOL), which went from less than $1 to over $200. The project attracted attention for its blazingly fast transaction times, minimal transaction fees, and ability to draw many developers to build on its blockchain.
Although the SOL price dropped from as high as $170 in January 2022 to as low as $9 in late 2022, it began to rise in 2023, going from below $10 to over $26 at the time of publication, up 12% in the last 24 hours. The chart below shows the trend in cryptocurrency prices during the past week.
Looks like the asset’s value has enjoyed a sharp rise in recent days | Source: SOLUSD on TradingView
As shown in the graph above, Solana saw a sharp rise during the previous seven days, accruing approximately 30% in earnings. However, considering monthly returns, SOL is only 3% higher as the coin spent most of the previous month consolidating or falling.
The coin may finally be reverting to its state at the beginning of 2023. Therefore, the previous week should still be a great indicator for investors.
Solana has had a tremendous recent run, which has improved its place in the larger cryptocurrency market. The coin is getting closer to cracking the top 10 cryptocurrencies by market valuation.
Dogecoin, a well-known meme coin, will be the coin that SOL must flip next. This is a table showing how these currencies now fit into the larger picture:
SOL seems to have a market cap of almost $10 billion at the moment | Source: CoinMarketCap
AI predicted SOL price
Investors are also interested in where Solana’s price might wind up by the end of 2023, given its NFTs, network, community, and transaction speed. According to information gathered by Finbold on February 20 and based on estimates given by CoinPriceForecast, a financial prediction platform that use machine self-learning technology, SOL is anticipated to rise by the end of 2023.
SOL’s price has climbed by more than 160% since the start of the year ($9.99 to $26.26 at the time of writing). A 48% increase from the price on February 20 is predicted for the artificial intelligence (AI) pricing at the end of 2023, which will be $39.22. The difference from year to year has increased by 293%.
SOL 2023 price target | Source: CoinPriceForecast
Using TradingView’s one-day gauges, Solana’s technical indicators are optimistic, with the summary coinciding with the mood of “strong buy” at 16 and moving averages indicating “strong buy” at 13. Oscillators are still pointing to “buy,” even though they are a little less bullish.
![solana-rises-12-as-ai-predicted-for-sol-price-in-the-end-of-2023[2]](https://azcoinnews.com/wp-content/uploads/2023/02/solana-rises-12-as-ai-predicted-for-sol-price-in-the-end-of-20232-1024x405.jpg)
SOL 1-day gauges chart | Source: Trading View
According to Solana’s NFT potential, network, community support, and transaction speed, the cost of SOL is probably going to keep rising in the foreseeable future. Even if it is impossible to determine Solana’s exact price at the end of 2023, it is obvious that the project has a great deal of growth and adoption potential.
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