Machine learning algorithm predicts Solana price increase by the end of July 2023

Machine learning algorithm predicts Solana price increase by the end of July 2023

Machine learning algorithm sets Solana price for July 31, 2023

As much of the cryptocurrency sector begins the week with bearish sentiment, Solana (SOL) is 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.

In fact, the advanced machine learning algorithms used by the crypto analytics platform price predictions have pegged the price of Solana at $21.28 for July 31, 2023, a slight increase of 2.7% from the current price, according to the latest information retrieved by Coinphony on July 10.

To achieve this forecast, the platform's algorithms utilize detailed analysis of a number of technical analysis (TA) indicators, including Average True Range (ATR), Bollinger Bands (BB), Moving Average Convergence Divergence (MACD), and Relative Strength Index (RSI), and more.

Solana price analysis

As of today, Solana is trading at the price of $20.72, down 4.68% on the day, but still up 7.26% over the past week and up 42.65% on the monthly chart as support lies at $19.23, facing resistance at $22.75, according to the latest data on July 10.

Meanwhile, 1-day sentiment indicators on financial and cryptocurrency monitoring website TradingView are in bullish mode, their summary suggesting a “buy” at 13, derived from oscillators pointing to a “sell” at 3 and moving averages (MA) in the “strong buy” zone at 12.

Previously, Coinphony reported that more than $1 billion flowed into Solana's market cap in a single day, creating significant buying pressure with no clear catalyst but coinciding with several key 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 summary, the above developments surrounding Solana could indeed impact the price reaching the threshold predicted by the machine algorithms for the end of July, in addition to other positive news and the general atmosphere in the broader crypto market at this time.

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The post Machine Learning Algorithm Sets Solana Price for July 31, 2023 appeared first on Coinphony.