Solana (SOL) has shown strong growth throughout 2024, with its DeFi token rising by over 170% in the past six months.

The growing activity on the Solana blockchain has fueled optimism among investors, aiming for a $200 price target. Achieving this milestone is seen as a stepping stone toward a new all-time high for SOL.

To forecast SOL's price direction, Finbold turned to AI using CoinCodex's machine learning algorithms for insights on the token's potential value at June's end.

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As of June 2, the AI tool estimated that SOL will likely be valued at $188.59 on June 30, marking a nearly 15% increase from its current price.

Technical Analysis of Solana's Price

Besides the AI forecast, analysts at Vantage Markets provided key price levels to monitor. In a TradingView post from May 31, they noted that SOL is nearing a critical resistance point at the 50% Fibonacci retracement level, suggesting a possible price reversal.

They advised traders to consider entering at $175.23, targeting this resistance for its strategic importance. A stop loss at $188.78 is recommended, offering protection against potential pullbacks.

Solana’s price has been largely driven by on-chain activity, particularly due to a surge in interest in Solana-based meme coins like Dogwhifhat (WIF) and Bonk (BONK). This interest has boosted network activity and revenue, contributing to price rallies.

The rise of new meme coins has also significantly increased the total value locked (TVL) in the Solana ecosystem. According to DefiLama, Solana's TVL has risen to $4.787 billion, a 239% increase in 2024.

Solana Price Analysis

Currently, Solana is trading at $164, down by about 1.5% in the last 24 hours but up by 1% over the past week.

Technical indicators for Solana remain positive for the coming month. TradingView data shows a 'buy' recommendation from a summary of 30-day technical indicators, with moving averages indicating a 'strong buy' and oscillators suggesting 'buy.'

Overall, for Solana's upward trend to continue, the token needs to stay above the $160 support level. This would ensure steady progress and maintain investor confidence.