Machine learning algorithm sets Solana price for July 1, 2023

Despite facing recent challenges in the cryptocurrency market throughout May and June, Solana (SOL) has managed to maintain its position as one of the top 10 cryptocurrencies in terms of market capitalization.

One significant development affecting the altcoin landscape was the decision by Bakkt, a New York-based derivatives exchange, to delist popular altcoins. This move was prompted by recent regulatory developments in the United States, with lawsuits filed by the United States Securities and Exchange Commission (SEC) against major crypto exchanges like Binance and Coinbase.

In these legal actions, the SEC classified over 20 digital assets, including SOL, as securities. Consequently, other trading platforms, such as Robinhood, have also ceased their support for these assets due to the resulting regulatory uncertainty.

In light of these circumstances, investors and traders are keen to assess SOL’s potential price movement at the beginning of the upcoming month. To gain valuable insights, Finbold turned to the PricePredictions platform, known for its utilization of advanced machine learning algorithms. Based on the latest information available as of June 20, the platform predicts that SOL will be valued at $15.84 by July 1, 2023.

If the projections based on various indicators such as the relative strength index (RSI), moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB), and others are accurate, it would result in a marginal decrease in Solana’s price compared to its current price of $15.98.

SOL price dynamics

In terms of price, SOL is currently trading at $15.98, which represents a 2.41% increase over the past 24 hours. Over the last week, Solana has experienced a decline of 2.1% in price. 

The support level of $14.52 can be considered a critical level for Solana, as it is expected to provide a strong floor for the price and prevent it from falling further. 

Elsewhere, $17.36 is viewed as a crucial level of price resistance. At this level, sellers are likely to emerge and limit the price from rising further. 

Despite a price drop in response to the SEC lawsuits, Solana remains ranked 9th largest cryptocurrency by market worth, with a capitalization of $6.3 billion.

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