The cryptocurrency market has faced another minor correction, with Bitcoin (BTC) dipping to $58,000. The global market cap has also dropped, falling 1% in the last 24 hours to $2.16 trillion. Solana (SOL) gained 1.3% in the previous 24 hours but is down 8.8% in the weekly charts and 12.1% in the 14-day and monthly charts, respectively. This price prediction article will examine how SOL may perform this weekend.
Also Read: Solana Struggles Continue: Can Brazil’s SOL ETF Trigger $160 Target?
Why is the Crypto Market Facing a Slump?
It is unclear why the crypto market is in a slump right now. The stock markets, on the other hand, seem to be rising. Investors and traders may be uncertain about risky assets given the Federal Reserve’s ambivalence on interest rate cuts. The Fed has not officially commented on whether it intends to cut rates later this year.
SOL Weekend Price Prediction
CoinCodex Prediction
According to the analysts at CoinCodex, Solana (SOL) will trade at $145.67 on Sunday, Aug. 18, 2024, a 1.51% increase from current levels.
Also Read: Bitcoin Seized: $600M and IMF 85% Electricity Tax
Changelly Prediction
Changelly analysts also present a similar price prediction for SOL. The platform anticipates SOL continuing to trade at current levels, reaching $144.81 on Sunday, Aug. 18, 2024.
Given the crypto market’s lackluster performance over the last few days, Solana (SOL) may consolidate at current levels. If market sentiment improves, the asset may begin to turn things around.
Also Read: Solana: How Bitcoin & Ethereum Can Carry SOL to $250 This Year
There is also much talk about an SOL ETF making its debut. Although the SEC has yet to give a verdict, an ETF could vastly improve the asset’s price.