As of June 4, Solana (SOL) is trading at around $156.73, down 1.65% in the past 24 hours. In the past week, however, the token fell by 9% as renewed regulatory scrutiny took a toll on investor sentiment.
Indeed, the drop might come as a result of all the uncertainty surrounding the potential Solana-based staking exchange-traded funds (ETFs).
Moreover, Solana’s total value locked (TVL) in decentralized finance (DeFi) fell 5% this week, although the network still managed to maintain its position as the second-largest DeFi ecosystem across the same time frame.
The activity on Solana’s decentralized exchange (DEX) also slowed down, with the weekly volume being down 28.2%, as per DefiLlama.
However, it appears that institutional demand for Solana remains strong. Classover Holdings (NASDAQ: KIDZ), for example, announced plans to raise $500 million, 80% of which would be used to acquire SOL as part of its corporate treasury strategy.
AI forecasts SOL price for June 30
Taking everything above into account, we consulted OpenAI’s ChatGPT in regard to potential SOL pricing for June 30. The AI projected the price somewhere between $145 and $165, with a midpoint target of $155 for the end of the month.
Buyers also appear firmly in control, with strong bullish candlestick formations and engulfing patterns suggesting steady demand.
All in all, with Solana entering a tight consolidation phase, recent short-term dips might merely pave the way for more upward momentum.
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