The cryptocurrency is facing another correction. Bitcoin (BTC) has fallen to the $104,000 level after its recent climb to the $109,000 price point. The global crypto market cap has dipped 6.4% in the last 24 hours to $3.36 trillion. Solana (SOL) is no outsider in the current trend. The sixth-largest crypto has fallen 10.1% in the daily charts, 2.9% in the weekly charts, 13.5% in the 14-day charts, 21.5% over the previous month, and 5.9% since June 2024.
Cryptocurrencies Fall Amid Increased Volatility
The latest crypto market dip comes after increased volatility following Israel’s recent attack on Iran. Investors may have been spooked by the developments, cashing out before the conflict escalates. According to CoinGlass data, a total of $1.15 billion worth of cryptocurrencies have faced liquidations in the last 24 hours. SOL’s dip is likely a consequence of the larger market liquidation spree.
The crypto market has struggled to gain substantial momentum over the last few days. BTC climbed to an all-time high of $111,814 on May 22, but other assets did not hit similar peaks. We may be entering another bearish phase over the coming weeks.
Should You Buy Solana During The Current Dip?
Buying the dip is a popular investment method. It allows investors to buy assets for cheap. It also helps bring down the average cost of each coin. One dilemma people often face is whether they should buy the dip right away or wait for the price to fall further.
The latest market crash is rather significant. There is a chance that SOL’s price will continue to fall over the next few days.
Also Read: Solana: 3 Things That Can Take SOL To $500
CoinCodex anticipates Solana (SOL) to gain momentum over the next few months. The platform predicts SOL will trade at $179.79 on Aug. 29. SOL’s price will rally by 25.61% if it hits the $179.79 target.
