Over the past few days, there has been a raging bloodbath on the cryptocurrency market. The Bitcoin (BTC), which has now fallen to below $63,000 while the crypto market capitalization is at $2.39 billion, down by 3.9% within the last 24 hour. BTC’s recent correction is also affecting other assets, like Solana. SOL’s daily chart is down 7%, the weekly chart 14.5%, the 14-day chart 21.3%, and the month prior 25.6%.
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This latest correction may be due, for example, to BTC miner capitulations, investor fatigue and lack of new capital. Cost of mining 1 BTC has risen to $86,000 last week.
Solana (SOL) price prediction
The researchers at CoinCodex believe that SOL’s price will stabilize at its current level. According to the platform, the market-cap fifth largest crypto will hit $128.78 before the end this month. That’s a gain of around 2.8%. CoinCodex predicts SOL will reclaim $140 by mid-July.
Changelly This report presents a bullish outlook for Solana, predicting that the price will reach $135.78 before the end this month. A price of $135.78 would represent an 8.42% increase from the current level.
Also Read: After Ethereum ETF, Dogecoin; Solana; And XRP Next In Line?
SOL is unlikely to make major moves before the BTC trend reverses. Ali Martinez is a crypto analyst who believes that BTC’s price always exceeds the mining cost for one BTC. According to the analyst, BTC is expected to reach $86,000 soon. This will mark a new high-watermark for this original crypto. BTC’s breakout will most likely lead to other assets, such as Solana (SOL).
US inflation figures also turned out to be lower than expected. It may encourage investors to put more capital in high-risk assets like crypto.
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Source: watcher.guru
