The cryptocurrency market has seen another minor correction, with Bitcoin (BTC) falling to $58,000. The global market cap has also fallen, down 1% over the past 24 hours to $2.16 trillion. Solana (SOL) was up 1.3% over the previous 24 hours, but is down 8.8% on the weekly charts and 12.1% on the 14-day and monthly charts, respectively. This price prediction article will examine how SOL may perform this weekend.
Also read: Solana continues to struggle: Can Brazil's SOL ETF reach its $160 target?
Why is the crypto market in a slump?
It’s unclear why the crypto market is currently in a slump. Equity markets, on the other hand, appear to be rising. Investors and traders may be hesitant about risky assets, given the Federal Reserve’s ambivalence about cutting rates. The Fed has yet to officially comment on whether it plans to cut rates later this year.
SOL Weekend Price Prediction
CoinCodex Prediction
According to analysts at CoinCodex, Solana (SOL) will trade at $145.67 on Sunday, August 18, 2024, up 1.51% from current levels.
Also read: Bitcoin seized: $600 million and IMF 85% electricity tax
Changelly Prediction
Changelly analysts also present a similar price prediction for SOL. The platform expects SOL to continue trading at current levels and reach $144.81 on Sunday, August 18, 2024.
Given the disappointing performance of the crypto market in recent days, Solana (SOL) may consolidate at current levels. If market sentiment improves, the asset may start to turn the tide.
Also read: Solana: How Bitcoin and Ethereum Can Take SOL to $250 This Year
There is also a lot of talk about a SOL ETF making its debut. While the SEC has not yet ruled, an ETF could dramatically improve the asset’s price.