Solana (SOL) slightly recovered over the weekend but failed to breach the $140 mark. The asset has dipped 2.7% in the daily charts and 4.7% over the previous month. Despite the dip, SOL is up by 1.9% in the weekly charts and 0.1% in the 14-day charts.
The weekend rally was likely fuelled by Bitcoin’s (BTC) brief rise to the $60,000 level. The original cryptocurrency has since fallen to the mid-$58,000 mark. In this price prediction article, let’s explore how high SOL may go this week.
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SOL Weekly Price Prediction
CoinCodex Analysis
According to the analysts at CoinCodex, Solana (SOL) may face a consolidation over this week. The platform anticipates the asset to continue trading around the current levels for the remainder of this week, hitting $131.80 on Friday, Sept. 21, 2024. CoinCodex expects SOL to rally next month, breaching the $150 level by mid-October.
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Changelly Prediction
Changelly researchers predict a slight rally for SOL this week. The platform anticipates the asset hitting the $136 mark and holding that level for the time being. Reaching $136 from current levels will translate to a rally of nearly 3%.
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Market Factors Influencing SOL Price
Given that the Federal Reserve has announced interest rate cuts this month, Solana (SOL) may go higher than predicted this week. An interest rate cut may trigger a market-wide rally as investors increase their investments in risky assets. If BTC breaches the $60,000 level, other cryptocurrencies may follow its trajectory.
On the other hand, if the market does not respond to the interest rate cut, we may continue to witness a price consolidation. In this scenario, SOL may continue to trade below the $150 level.