Solana (SOL), the price of which has been below $140 since May 20, 2024, is now a new record. The price of this asset fell 5% daily, 11.5% weekly, 17.6% 14-day, and over 21% from the previous months.
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Also Read: Solana: Analysts Predict SOL to Surge Over 50% Despite Downturn
Bitcoin’s (BTC), recent fall below $66,000 has triggered the latest market drop. BTC miners appear to have capitulated as the cost of mining one BTC has risen above $86,000.
Can Solana (SOL), reclaim 150 dollars this week?
Analysts at CoinCodex predict that SOL will consolidate its price over the coming weeks. SOL is not expected to reach $150 anytime soon, but it could hit $152.80 by July 10, 2024.
Changelly This month, Solana is unlikely to reach $150. Platform predicts that the fifth largest crypto will reach $152.29 by July 2, 2024.
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SOL will not likely recover in price until BTC shows a positive turn. Ali Charts, a popular crypto analyst who appeared on X in recent days, said that BTC has historically always risen higher than its mining costs. It costs currently $86,668 per BTC to mine. BTC reaching $86,668 will be a new high. A market rally could be triggered by such a move, leading Solana to reach the $150 mark sooner than originally expected.
Also Read: Solana: New Addresses Touch 1M as SOL Attempts a Comeback
The US CPI for May 2024 was also positive. A lower inflation rate could cause the Federal Reserve to adopt a more dovish interest-rate policy, which would boost market sentiment and further support a rally.
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Source: watcher.guru
