The cryptocurrency market has undergone a bloodbath over the last couple of days. Bitcoin (BTC) has fallen below $63,000, while the global crypto market cap sits at $2.39 trillion, down 3.9% in the last 24 hours. BTC’s latest correction has trickled into other assets as well, such as Solana (SOL). SOL is down by 7% in the daily charts, 14.5% in the weekly charts, 21.3% in the 14-day charts, and 25.6% over the previous month.
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The latest correction could be due to BTC miners’ capitulating, investor fatigue, lack of fresh capital, and ETF outflows, among others. The cost of mining one BTC surpassed the $86,000 level last week.
Solana (SOL) price prediction
According to the researchers at CoinCodex, SOL’s price will consolidate at around current levels. The platform predicts the fifth-largest crypto by market cap to hit $128.78 by the end of this month, a rally of about 2.8% from current levels. CoinCodex anticipates SOL to reclaim the $140 level in mid-July.
Changelly presents a more bullish picture for Solana (SOL), predicting a price of $135.78 by the end of this month. Hitting $135.78 from current levels would translate to a growth of about 8.42%.
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SOL will likely not make any major movements before a BTC trend reversal. According to crypto analyst Ali Martinez, BTC’s price usually surpasses the cost of mining one BTC. The analyst anticipates BTC to surpass the $86,000 level soon, which will be a new all-time high for the original crypto. If BTC breaks out, Solana (SOL) and other assets will likely follow its trajectory.
US inflation data also came in cooler than anticipated. This may also boost investor sentiment to pour capital into risky assets, such as crypto.