š„ AI predicts Solana price for August 31, 2024
Solana (SOL) recently faced a steep decline of over 7% in the past 24 hours, driven by a shift in market sentiment following the release of the Nonfarm Payroll (NFP) report on August 2.
Despite this decline, Solana has demonstrated robust performance in the decentralized finance (DeFi) sector. According toĀ DeFiLlama, Solana outpaced Ethereum (ETH) in overall trading volume for July, leading daily trading on 17 days.
Solanaās DeFi protocols accounted for 30% of all crypto decentralized exchange (DEX) volume in July, processing $56.849 billion in transactions, compared to Ethereumās 28.12% share and $53.867 billion.
šø More of Solanaās favorable context
Adding to the optimism, the U.S. Securities and Exchange Commission (SEC) recently amended its complaint against Binance, removing allegations that Solana is an unregistered security.
This legal development, along with speculation about a potential Solana exchange-traded fund (ETF), has bolstered confidence in Solana.
Solana has also seen significant growth in its stablecoin usage. Data fromĀ AlliumĀ on Visaās stablecoin dashboard shows that USDC transaction volume on Solana has exceeded $8 trillion since last year, underscoring Solanaās growing utility and transaction efficiency.
Additionally, Solana has become a leading platform for meme coin launches due to its lower costs compared to Ethereum.
šø ChatGPT-4o Solana price prediction
Interestingly, the AI chatbot has been significantly bullish in its Solana price projections, offering both optimistic and conservative scenarios for the prediction.
In an optimistic scenario, Solana could rise to $145 to $155 by August 31, 2024. This optimism is driven by Solanaās outperformance in DeFi trading volumes, reduced regulatory risks from the SEC, potential institutional inflows from ETF applications, and high USDC transaction volumes.
