AI predicts SOL price if Solana ETF is approved

By Finbold | Created at 2024-11-22 13:01:45 | Updated at 2024-11-22 18:23:03 5 hours ago

Though BTC has received the most attention with its march toward $100,000, other coins and tokens have also been moving, and Solana (SOL) has even managed to reach a new all-time high (ATH) in market capitalization earlier in the week.

Additionally, between the broad institutional adoption and the exit of the man widely seen as the opponent of digital assets, there has been much talk of a spot SOL exchange-traded fund (ETF), and much discussion about what such a development would mean for the token.

In fact, as of November 21, VanEck, 21Shares, and Canary Funds have all filed for a Solana ETF, and Bitwise is expected to submit its documents to the SEC on Friday. Additionally, the work needed for the approval is ‘progressing,’ as are the discussions between issuers and the regulator, per an X post made by Fox’s Eleanor Terrett.

AI sets Solana price target once SOL ETF is approved

Seeking some analytical clarity on what the approval could mean for Solana at a time when wild optimism dominates the debate, Finbold turned to ChatGPT-4o’s advanced artificial intelligence (AI).

The AI platform, for its part, noted the bullishness permeating the crypto community and reflected, in particular, on Gary Gensler’s departure.

It concluded the stage appears set for a spot Solana ETF at the very least, and ChatGPT assessed the overall opinions on the situation – as expressed, for example, by Matt Sigel, the head of digital asset research at VanEck – favorably.

The platform noted that ETF approvals tend to be significant bullish catalysts for cryptocurrencies, and it estimated that SOL’s immediate reaction to the news would be a rally to $390.

Two noteworthy points are that ChatGPT arrived at the price target by assuming a 50% upside from the press time price and that, despite generally being viewed favorably, neither the BTC nor the Ethereum (ETH) ETF approval had a discernible positive effect on the price in the short-term.

ETH, in fact, plummeted $1,000 within two weeks of the news.

ChatGPT’s assessment of the more long-term impact – and the associated price target of $500 – may hold more merit.

Finally, when asked about the likely timeframe for the approval, the AI resorted to the ‘you’re giving feedback’ type of reply. Though the two conclusions differed – one forecasted the approval would come on July 15, 2025, and the other on July 22, 2025 – they were, overall, very similar.

Indeed, in both instances, ChatGPT reflected on the SEC’s standard 240-day decision time frame, market cycles and momentum, as well as on the change in the Commission’s leadership as factors leading it to the July date.

Featured image via Shutterstock

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