Solana
Solana to Rise to $128.78 by End of June: Analyst Optimistic Forecast
Solana (SOL), along with the rest of the cryptocurrency market, has been ravaged in recent days. Bitcoin (BTC) fell below $63,000. The global crypto market cap now stands at $2.39 trillion, reflecting a 3.9% decline over the past 24 hours. This drop in BTC triggered losses in other cryptocurrencies, including SOL.
Solana was hit hard. It is down 7% on daily charts, 14.5% on weekly charts, 21.3% on 14 days and 25.6% over the past month. This decline could be attributed to several factors: capitulation of BTC miners, investor fatigue, lack of new capital and ETF exits. The cost of mining one BTC recently exceeded $86,000.
Despite the economic downturn, analysts remain cautiously optimistic about Solana’s future. Researchers at CoinCodex predict that SOL will consolidate around current levels, reaching $128.78 by the end of the month, a modest increase of 2.8%. They also predict that SOL will regain the $140 level by mid-July.
Other predictions from Solana
Changelly, another crypto analysis platform, is more bullish on Solana. They forecast SOL to reach $135.78 by the end of the month, an increase of 8.42%. However, they note that SOL’s movements will likely mirror BTC’s trends. Crypto analyst Ali Martinez points out that the price of BTC often exceeds the cost of mining one BTC. Martinez expects BTC to cross the $86,000 mark soon, setting a new all-time high. If BTC breaks out, other assets, including Solana, are expected to follow.
Additionally, recent US inflation data came in colder than expected, which could boost investor confidence. This could lead to an influx of capital into risky assets like cryptocurrencies.
As the market monitors BTC, by Solana fate seems linked to its larger counterpart. Investors are hoping for a BTC rebound to bring SOL and others out of the current crisis. The coming weeks will be crucial for the cryptocurrency market. Whether she recovers or continues to struggle, the events of these days will likely have long-lasting effects.
In this volatile market, we can only wait and see. The fortunes of BTC, Solana and their peers hang in the balance in a delicate balance.