🐤 ChatGPT predicted the price of Solana (SOL) on July 31

Currently, Solana is trading around $139, but its price direction is constantly changing. Therefore, it's crucial to analyze the factors that may influence the asset's short-term dynamics.

For this purpose, the advanced AI model ChatGPT-4o was used. The chatbot provided its version of how SOL will trade at the end of July, considering key factors affecting the future price trajectory:

1️⃣ Recent price movements of Solana have shown volatility. There was a sharp decline from $173 on June 5 to $124 on June 24, followed by a rebound to $154 on July 3 and a correction to $123 on July 5.

2️⃣ As of July 14, Solana's price has recovered above $135, showing a strong bullish momentum. Increased network activity and market optimism are likely to contribute to further growth.

3️⃣ The price has risen above the middle line of the Bollinger Bands, which marks the 20-day simple moving average, indicating a change in market sentiment. Moreover, the Relative Strength Index (RSI) at 49 also suggests potential growth.

4️⃣ Positive sentiment driven by recent recovery and growth in the decentralized finance (DeFi) and non-fungible token (NFT) ecosystems, along with the anticipated approval of Solana-based spot ETFs, also supports a price increase.

5️⃣ Favorable macroeconomic factors, including low-interest rates and geopolitical stability, play a crucial role in influencing Solana's price.

AI prediction: on July 31, 2024, Solana's price will be in the range of $150 to $180.

$SOL