Solana’s (SOL) price has fallen below $140 for the first time since early May 2024. The asset’s price has declined 5% in the daily charts, 11.5% in the weekly charts, 17.6% in the 14-day charts, and more than 21% over the previous month.
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The latest market dip follows Bitcoin’s (BTC) fall to below $66,000. BTC miners seem to be capitulating as the price of mining one BTC surged above $86,000.
Will Solana (SOL) reclaim $150 this week?
CoinCodex analysts predict SOL’s price to consolidate at current levels over the next few weeks. The platform does not anticipate SOL to reclaim the $150 level anytime before early July, hitting $152.80 on July 10, 2024.
Changelly also does not expect Solana (SOL) to reclaim the $150 mark this month. The platform predicts the fifth-largest crypto to hit $152.29 on July 2, 2024.
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SOL’s price will likely not recover until BTC makes a positive reversal. Popular crypto analyst Ali Charts took to X recently and said that historically BTC’s price has always risen above its average mining cost. Currently, it costs $86,668 to mine one BTC. If BTC reaches $86,668, it will mean a new all-time high. Such a development could trigger a market-wide rally, leading to Solana (SOL) reclaiming the $150 level much sooner than anticipated.
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US CPI data for the month of May 2024 were also on the positive side. Cooler inflation could lead to the Federal Reserve embracing a dovish stance on interest rates, which could uplift market sentiment, further aiding a rally.