Solana, or SOL, was one of the top-performing cryptos in 2023. The popular asset, however, is struggling to gain momentum for 2024. SOL has fallen by 2.4% on the daily charts and 17.5% on the 14-day charts. It is also down 24% from the previous month. SOL is still up 556.4% on the year.
Also Read: Solana (SOL) Falls Below $150, But a Rally May Still Be Forming
Investors’ concerns over the Iran-Israel war could have caused SOL to drop recently. Inflation in the US remains above the Federal Reserve target of 2%, which has weakened expectations for an interest rate reduction. Fed could continue with its higher rate policy until inflation is clearly on the decline.
Solana price forecast for May 2024
CoinCodex predicts that SOL may remain at its current price until at least the middle of May. SOL is expected to be trading at $143.08 in May 2024, according to the platform. CoinCodex, however, predicts that SOL will rise to $165.29 by May 21, 2024. From current levels, $165.29 would represent a 14.39% increase.
Also Read: Solana Hold Steady Above $155: Can SOL Hit New ATH In May?
Changelly The platform paints a slightly bullish image for Solana in May. SOL is expected to rise by 6.53% on May 1st, 2024. Changelly also predicts that SOL will reach $176.62 by May 19, 2024. The growth rate from the current level to $176.62 would be about 22.23 percent.
Also Read: Solana (SOL) Signals Surge to $170; How High can it go in 2024?
The recent Bitcoin (BTC), halving, may have fueled a greater rally than anticipated for Solana. In the past, every BTC halves has sparked a rally in the crypto markets. This time, a similar pattern could emerge.
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Source: watcher.guru
