Solana (SOL) has faced a significant price correction over the last few weeks. The asset has fallen 18.9% in the weekly charts, 26.3% in the 14-day charts, and 31.5% over the previous month. However, SOL has rallied 3.5% in the last 24 hours and is up 448.2% since April 2023. SOL was among the best-performing cryptocurrencies in 2023, rising by nearly 1000% at one point. However, the fifth-largest crypto by market cap has fallen below $140 right now.
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The latest correction in the crypto market came on the heels of Iran’s attack on Israel. Moreover, rising inflation in the US has faded investor expectations of an interest rate cut. The Federal Reserve might follow a policy of higher rates for longer as long as inflation remains above the Fed’s 2% target.
Despite the recent correction, there is a possibility that SOL’s price will rebound, fuelled by Bitcoin’s (BTC) halving later this month.
Solana (SOL) price prediction
According to CoinCodex, SOL will continue to trade below $140 till at least May 1, 2024. However, the platform anticipates SOL to surpass the $150 mark by May 10, 2024.
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Furthermore, Changelly also predicts Solana (SOL) will trade below $140 for the rest of this week, hitting $138.12 on Sunday, Apr. 21, 2024.
Nonetheless, we may witness a change in investor sentiment following BTC’s halving. Moreover, if inflation in the US cools, there may be another resurgence for the crypto market. Both developments could change the narrative for the fifth-largest crypto, leading to a price surge. Solana (SOL) is currently down by over 46% from its all-time high of $259.96, which it attained in November 2021.