Solana (SOL), which has been gaining in value in recent days, is following in the footsteps of the rest of the market. Its price rose by 2.7% last week and by 14.6% during the prior seven-day period. The guide covers the whole topic.
SOL, despite the rally, is still falling in the charts monthly, with a fall of 13.2% over the past 30 days. Find out how high SOL can climb in the last weeks of August.
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SOL price prediction for August end 2024
CoinCodex Analysis
CoinCodex’ analysts believe that Solana may be able to consolidate at current levels. According to the platform, Solana (SOL) will be trading at $162.30 in August 2024.
Analysts at CoinCodex predict that SOL’s price will rise in the second half of September and reach $183.10 by Sept. 17 2024. To reach $183.10, a 13.21% increase from the current price would be required.
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Changelly Analysis
Researchers at Changelly are slightly negative on SOL and predict that the asset will dip in the coming days. According to the platform, SOL will trade for $157.31 in August 2024. That’s a decrease of about 2.7% from its current price.
SOL: Market Influences on SOL
SOL could also see a surge in the coming days. Federal Reserve officials have announced they will start reducing interest rates starting in September of 2024.
This move could encourage investors to put money in high-risk assets like cryptocurrencies.
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The Market Could Correct Itself
The crypto market, on the other hand is slowing. Bitcoin (BTC), which briefly reached $64,000, has now fallen back to $63,000.
If the price of bitcoin continues to fall, it could cause a correction in the entire market. If this happens, other assets such as Solana (SOL), may also be affected.
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Source: watcher.guru
