The cryptocurrency market has faced a significant price correction over the last few days. Bitcoin (BTC) has fallen below $61,000, and the global crypto market cap has dipped 4.2% in the previous 24 hours to $2.2 trillion.
Solana (SOL) and other crypto assets follow BTC’s downward trend, facing substantial price corrections. This price prediction article will discuss how high SOL can go over the coming weekend.
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SOL’s price is down 5.8% in the daily charts, 8.9% in the weekly charts, and 0.9% in the 14-day charts. The asset has maintained some gains in the monthly and yearly charts, rallying 2.9% and 470.6%, respectively.
Why Is The Crypto Market Down?
October has historically been a bullish month for the crypto market. However, the current market sentiment seems to defy this trend. Major assets are in the red zone, facing significant sell-offs.
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The latest market dip could be due to rising geopolitical tensions in the Middle East. Iran’s attack on Israel may have spooked investors from putting their money in risky assets.
Solana Weekend Price Prediction
CoinCodex analysts anticipate SOL to rally slightly over the weekend, hitting $138.42 on Sunday, Oct. 6, 2024. The platform predicts SOL will reclaim the $150 mark sometime later this month, hitting $151.06 on Oct. 23, 2024.
Changelly researchers are more bullish on Solana (SOL) than CoinCodex. The platform predicts SOL will hit $147.98 on Sunday, Oct. 6, 2024. Reaching $147.98 from current prices will translate to a rally of about 7.65%. The platform also anticipates SOL to hit $169 by the end of this month.
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A 25 basis point interest rate cut from the Federal Reserve in November is also possible. The development could lead to investors taking more risks with their investments, leading to increased inflows into the cryptocurrency market.