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Machine learning algorithm sets Solana price for July 31, 2023

Machine learning algorithm sets Solana price for July 31, 2023

With a large part of the cryptocurrency sector opening the week on a bearish note, Solana (SOL) has been no exception, recording a decline of over 5% in the last 24 hours alone, but machine algorithms predict a better situation for this digital asset by the end of July.

Indeed, the advanced machine learning algorithms used by the crypto analytics platform PricePredictions have placed the price of Solana at $21.28 for July 31, 2023, indicating a modest increase of 2.7% to its present price, as per the most recent information retrieved by Finbold on July 10.

Solana 30-day price forecast. Source: PricePredictions

To reach this projection, the platform’s algorithms deploy a detailed analysis of a number of technical analysis (TA) indicators, including average true range (ATR), Bollinger Bands (BB), moving average convergence divergence (MACD), relative strength index (RSI), and more.

Solana price analysis

As things stand, Solana is presently trading at the price of $20.72, indicating a decline of 4.68% on the day but still a 7.26% gain across the past week and an increase of 42.65% on its monthly chart, as its support lies at $19.23, facing resistance at $22.75, according to the latest data accessed on July 10.

Solana 30-day price chart. Source: Finbold

Meanwhile, the 1-day sentiment gauges on the finance and cryptocurrency monitoring website TradingView are in the optimistic mode, their summary suggesting a ‘buy’ at 13, as derived from oscillators pointing to a ‘sell’ at 3, and moving averages (MA) in the ‘strong buy’ zone at 12.

SOL 1-day sentiment gauges. Source: TradingView

Earlier, Finbold reported on more than $1 billion inflowing into Solana’s market capitalization in a single day, experiencing significant buying pressure without a clear catalyst but coinciding with several important network partnerships, including that between Coca-Cola (NYSE: KO) in Serbia and Solana non-fungible token (NFT) platform SolSea for NFT offerings during the EXIT Festival.

In conclusion, the above developments around Solana could, indeed, affect its price reaching the threshold predicted by the machine algorithms for the end of July, in addition to other positive news, as well as the general atmosphere on the wider crypto market by that time.

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

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