Solana
Solana (SOL) Plunges 12%, When Will It Reclaim $170 Again?
Solana (SOL) fell 1.4% in 24 hours, 12% over the past week, and 9.4% on the 14-day chart. However, the asset is still up 4.4% over the last month and 886.4% since June 2023.
Read also: Can Solana [SOL] Reach $170 by mid-June 2024?
SOL’s latest correction brought its price to around $152. This level had already been tested in mid-May 2024. The drop in prices could be due to investor caution ahead of the US FOMC (Federal Open Market Committee) meeting and US inflation data. Traders’ hopes for an early interest rate cut have dissipated since early 2024.
Will Solana (SOL) Reclaim $170?
According to CoinCodex data, SOL could consolidate around its current price level for the remainder of this month. However, the platform predicts that the asset will regain the $170 level in early July, reaching $172.24 on July 5, 2024. Reaching $172.24 from current levels would result in growth of approximately 12.78 %.
Also read: Solana: New addresses hit 1 million as SOL attempts a comeback
Searcher paints a very optimistic picture for Solana (SOL) in 2024. The platform predicts that SOL will reach a new all-time high of $284 this year. Reaching $284 from current prices represents growth of almost 86%. However, the platform does not specify when, in 2024, the asset could reach $284. At press time, SOL was down more than 41% from its all-time high of $259.96, reached in November 2021.
Also Read: Solana: Analyst Says Trump Re-Election Could Lead to SOL ETF
Another bullish development for SOL could be the potential approval of a spot ETF (Exchange Traded Fund). There are many rumors online that the US Securities and Exchange Commission (SEC) may greenlight a SOL spot ETF later this year, following its decision to approve Bitcoin (BTC) ETFs and Ethereum (ETH).