AI predicts Solana price for July 31, 2024

The cryptocurrency market has been highly volatile, reflecting broader economic uncertainties and regulatory developments. Despite these headwinds, Solana (SOL) has experienced significant price swings recently.

Currently trading at around $138, Solana has seen a rollercoaster of price movements, making it crucial to analyze the factors that could influence its short-term price.

Finbold has leveraged ChatGPT-4o, OpenAI’s advanced and recent AI chatbot model, to offer insights into how SOL is likely to trade by the end of July, considering the key factors influencing SOL’s future price trajectory.

ChatGPT-4o Key factors affecting Solana’s price. Source: ChatGPT/Finbold

This projection assumes the current support holds, that broader market conditions remain favorable, and that bullish momentum continues.

SOL price analysis

Currently, SOL is priced at $138, with a 2% decrease in the past 24 hours and a 13% decrease on the monthly chart.

Solana price chart. Source: Finbold

Looking further ahead, Solana has the potential for substantial growth. Historical parallels to Ethereum’s performance suggest a significant rally could be possible.

Analysts have also drawn parallels between Solana’s current trajectory and Ethereum’s past performance, suggesting that if Solana follows a similar path, it could see substantial gains over the next few years.

The potential approval of Solana spot ETFs by mid-2025 could act as a significant catalyst for price increases.

Furthermore, continuous development and adoption within the Solana ecosystem, particularly in DeFi and  NFTs, are expected to drive long-term growth. With these factors in mind, the AI model suggests that Solana could reach between $500 and $2,800 in the next few years.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.