Solana’s (SOL) worth has fallen under $140 for the primary time since early Could 2024. The asset’s worth has declined 5% within the every day charts, 11.5% within the weekly charts, 17.6% within the 14-day charts, and greater than 21% over the earlier month.
The most recent market dip follows Bitcoin’s (BTC) fall to under $66,000. BTC miners appear to be capitulating as the worth of mining one BTC surged above $86,000.
Will Solana (SOL) reclaim $150 this week?
CoinCodex analysts predict SOL’s worth to consolidate at present ranges over the following few weeks. The platform doesn’t anticipate SOL to reclaim the $150 degree anytime earlier than early July, hitting $152.80 on July 10, 2024.
Changelly additionally doesn’t anticipate Solana (SOL) to reclaim the $150 mark this month. The platform predicts the fifth-largest crypto to hit $152.29 on July 2, 2024.
SOL’s worth will possible not get better till BTC makes a optimistic reversal. Widespread crypto analyst Ali Charts took to X lately and mentioned that traditionally BTC’s worth has all the time risen above its common mining value. Presently, it prices $86,668 to mine one BTC. If BTC reaches $86,668, it can imply a brand new all-time excessive. Such a growth may set off a market-wide rally, resulting in Solana (SOL) reclaiming the $150 degree a lot before anticipated.
US CPI information for the month of Could 2024 have been additionally on the optimistic facet. Cooler inflation may result in the Federal Reserve embracing a dovish stance on rates of interest, which may uplift market sentiment, additional aiding a rally.
