Solana (SOL) Dips 12%, When Will It Reclaim $170 Again?

Paigambar Mohan Raj
Solana: How High Can SOL Rise In January 2024?
Source: Binance Academy

Solana (SOL) has dipped 1.4% in 24 hours, 12% over the previous week and 9.4% in the 14-day chart. However, the asset is still up by 4.4% over the last month and 886.4% since June 2023.

Source: CoinGecko

Also Read: Can Solana [SOL] Hit $170 by Mid-June 2024?

SOL’s latest correction brought its price to around $152. This level was previously tested in mid-May 2024. The price dip could be due to investors becoming cautious before the US FOMC (Federal Open Market Committee) meeting and the US inflation data. Traders’ hopes for an early interest rate cut have faded since early 2024.

Will Solana (SOL) reclaim $170?

Source – CoinCentral

According to the data from CoinCodex, SOL may consolidate around its current price level for the remainder of this month. However, the platform predicts the asset to reclaim the $170 level in early July, hitting $172.24 on July 5, 2024. Reaching $172.24 from current levels would translate to a growth of about 12.78%.

Also Read: Solana: New Addresses Touch 1M as SOL Attempts a Comeback

Source: CoinCodex

Finder paints a very bullish picture for Solana (SOL) in 2024. The platform predicts SOL to hit a new all-time high of $284 this year. Hitting $284 from current prices is a growth of nearly 86%. However, the platform does not clarify when in 2024 the asset may rally to $284. At press time, SOL was down by over 41% from its all-time high of $259.96, which it achieved in November 2021.

Also Read: Solana: Analyst Says Trump Re-Election Could Lead to SOL ETF

Another bullish development for SOL could be the potential approval of a spot ETF (Exchange Traded Fund). There are a lot of rumors online that the US SEC (Securities and Exchange Commission) may greenlight a spot SOL ETF later this year, following its decision to approve Bitcoin (BTC) and Ethereum (ETH) ETFs.