After its rapid rise, the cryptocurrency market appears to be touching down. Solana (SOL) matched Bitcoin’s (BTC) rise last week. There is a lot of resistance for SOL at $186. SOL’s uptrend has failed to pick up the speed it achieved at the beginning of this year. Within the last 24 hours, SOL lost 2.3%. It has kept its gains across the other analyzed periods as well. SOL gained 2.1%, 2.1%, 18.2%, and 4.6% in the respective weekly, 14-day, monthly, and yearly charts.
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Cryptocurrencies Slide As Bitcoin Rally Loses Momentum
BTC climbed to a new all-time high of $111,814 on May 22. The original crypto has since fallen to the $109,000 levels. BTC’s rally triggered a market-wide rally. While BTC climbed to a new peak, most other assets are still far from hitting new highs. SOL’s dip could be due to BTC’s rally slowing down.
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SOL’s recent rally was likely due to increased institutional investments in BTC ETFs. BlackRock has made massive BTC purchases over the last few weeks.
The crypto market may experience another bullish leg if the Federal Reserve announces an interest rate cut. The Fed is yet to make an announcement in this regard.
Solana Price Prediction For June 1
According to CoinCodex, SOL could experience a slight price rally over the next few days. The platform anticipates the asset to trade at $175.25 on June 1. SOL’s price will face a 1.13% rally if it climbs to $175.25.
Solana will also undergo a significant upgrade soon. The Firedancer update could substantially increase the number of transactions per second on the SOL network. The move could lead to a surge in users. Such a scenario could lead to SOL’s price experiencing a massive spike.
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