The cryptocurrency market continues its descent, with Bitcoin (BTC) dipping below $58,000. The global crypto market cap has fallen 2.2% in the last 24 hours to $2.17 trillion, and price predictions suggest further declines may be on the horizon.
Solana (SOL) is following BTC’s downward journey, falling 4.5% in the daily charts, 4.9% in the weekly charts, 3.3% in the 14-day charts, and 22.6% over the previous month. In this price prediction article, we’ll find out SOL’s possible price this coming weekend.
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Factors Influencing Solana’s Price and Weekend Predictions
Why Did The Current Market Dip Occur?
The current market dip could be due to low investor sentiment. There has been an increase in Tether (USDT) holdings, signalling that investors are exchanging their crypto holdings for stablecoins.
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The low market sentiment is surprising, given that the Federal Reserve recently announced interest rate cuts from September 2024. A drop in interest rates could boost investments in risky assets.
SOL Weekend Price Prediction
CoinCodex’s Price Prediction
According to CoinCodex’s price prediction, Solana (SOL) will hit a price of $141.18 on Sunday, Sept. 1, 2024, a rise of about 2.11% from current price levels. The platform expects SOL to consolidate around $140 at the beginning of the month before witnessing a rally to $159.12 on Sept. 20, 2024.
Changelly’s Bullish Prediction
Changelly presents a more bullish price prediction for SOL over this weekend. The platform anticipates the asset to hit $144.59 on Sunday, Sept. 1, 2024. Reaching $144.59 from current price levels would translate to a rally of about 4.6%.
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With the first round of interest rate cuts hitting traders in September 2024, we may witness a sudden crypto market rally. Rate cuts usually lead to investors taking on more risks, which could lead to SOL going beyond what the platforms have predicted.