Solana (SOL) emerged as one of the top-performing cryptocurrencies today. After the drastic plummet the market witnessed, most assets were up and heading toward recovery. But SOL stood out for many reasons.
The asset jumped nearly 20% over the past 24 hours. The altcoin went from a low of $110 to a high of $143. At press time, following a slight correction, SOL was trading at $138.67, with a 14% daily rise.
Market Performance of Major Cryptocurrencies
Amidst this, Bitcoin (BTC) has increased in value by 4.56% over the day to $55,374. Over the same timeframe, Binance’s BNB has climbed by 10.3% to $486, while Ether has increased by 6.53% to $2,483.
Future Predictions for Solana
Following this rise, investors hope to witness an uptick in Solana’s price during the rest of the month. But it looks like Bears have a different plan for the altcoin. According to recent data from Changelly, SOL is expected to dip down to a low of $119 on August 15, squashing all hopes of the asset’s potential upswing.
Also Read: Solana SOL Drops 21%, Making It Top-10 Worst Crypto Performer
Good Buying Opportunity for Solana Investors?
Trader JohnnyB thinks the decline in Solana may not be finished yet for Solana. He believes there will be another dip before the altcoin recovers completely.
He labeled this possible decline as a “generational buy opportunity.” The analyst even suggested that long-term investors may find the impending decline an excellent time to enter the market.
Considering the volatile nature of the cryptocurrency market, predicting the direction of Solana’s price can be challenging.
Also Read: Solana Beats Ethereum in Volume, Faces Centralization Issues
However, the majority of the signs point towards a downtrend for the asset’s near future.
Solana has growth potential, but investors should be cautious because of the expected short-term decline and the market’s volatility.