According to CoinGecko data, Solana (SOL) was down by more than 10% in the daily charts The losses were 7.4% at press time. At press time, the losses were down to 7.4%. Fears of the asset falling to $175-$176 (a level it last traded earlier in the month) have been resurrected by this steep correction. Solana has continued to grow in other timeframes despite the price drop. This asset has gained 4.4% on the weekly chart, 7.4% on the 14-day chart, 0.4% on the monthly chart, and 17.7% since August 20,24.
SOL on the Road to Recovery?
Solana’s latest price crash comes amid a larger market dip. Bitcoin’s (BTC) price has dropped to $110,000 and is showing signs of further decline. SOL may fall to $175 or even 176 if the trend continues.
This market correction may be due to profit taking as Bitcoins and Ethereum have reached all-time records this month. The dip may have also been triggered by increased uncertainties in global economics, fuelled by President Trump’s tariffs.
Solana is one of the strongest cryptocurrencies on the market. Over the past few years, this asset has seen a significant recovery. SOL’s price fell to below $9 in 2022 after the collapse of FTX. SOL is up to many all-time heights. The asset’s most recent peak was $293.31, which it hit in January of this year.
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Given Solana’s incredible history of bouncing back, there is a high chance that the asset will rebound when market conditions improve. It is highly likely that the Federal Reserve Board will announce a rate of interest in September. A rate reduction will boost SOL’s chances of a trend reversal. However, the month of September is usually a downturn for cryptocurrency. These two situations could be counter-productive and result in a market consolidation.
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Source: watcher.guru
