Solana’s (SOL), price, has dropped below $140 in the past few days for the first since early May of 2024. The price of this asset fell 5% daily, 11.5% weekly, 17.6% 14-day, and 21% compared to the previous month.
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Bitcoin’s (BTC), recent fall below $66,000 has triggered the latest market drop. BTC miners appear to have capitulated as the cost of mining 1 BTC has risen above $86,000.
How much will Solana, SOL) claim this week?
CoinCodex analysts expect SOL to remain at its current price levels for the next year. next In a few weeks. SOL is not expected to reach $150 before the end of July 2024. Instead, it will hit $152.80 by July 10.
Changelly Also, the platform does not anticipate that Solana (SOL), will be able to reach $150 in this month. According to the platform, on July 2nd 2024, Solana (SOL), which is currently the 5th largest cryptocurrency will hit $152.29.
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SOL’s value will probably not rebound until BTC has a positive turnaround. Ali Charts, a popular crypto analyst who appeared on X in recent days, said that BTC has historically always risen higher than its mining costs. At the moment, mining one BTC costs $86,668. BTC will reach a record high if it reaches the $86,668 mark. This could lead to a rally across the market, allowing Solana (SOL), to regain its $150 mark much earlier than expected.
Also Read: Solana: New Addresses Touch 1M as SOL Attempts a Comeback
The US CPI for May 2024 was also positive. The Federal Reserve could adopt a more dovish approach to interest rates if inflation is lower. This could boost the market’s sentiment.
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Source: watcher.guru