Over the past few days, there has been a market bloodbath on cryptocurrency. Bitcoin (BTC), which has now fallen to below $63,000 while the crypto market capitalization is at $2.39 billion, down by 3.9% within the last 24 hour. BTC’s latest correction has also affected other assets such as Solana. SOL’s daily chart is down 7%, the weekly chart 14.5%, the 14-day chart 21.3%, and the month prior 25.6%.
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This latest correction may be due, for example, to BTC miner capitulations, investor fatigue and lack of new capital. Last week, the cost to mine one BTC exceeded $86,000.
Solana (SOL) price prediction
Researchers at CoinCodex predict that SOL will remain at current levels. According to the platform, the market-cap fifth largest crypto will hit $128.78 before the end this month. That’s a gain of around 2.8%. CoinCodex expects SOL’s price to return to $140 by mid-July.
Changelly The price prediction for Solana is $135.78 at the end of next month. To reach $135.78, from current levels, would be a rise of 8.42%.
Also Read: After Ethereum ETF, Dogecoin; Solana; And XRP Next In Line?
SOL is unlikely to make major moves before the BTC trend reverses. Ali Martinez is a crypto analyst who believes that BTC’s price always exceeds the mining cost for one BTC. Analyst Ali Martinez predicts that BTC will soon surpass $86,000, which would be an all-time record for original cryptocurrency. BTC’s breakout will most likely lead to other assets, such as Solana (SOL).
US inflation figures also turned out to be lower than expected. Investors may be encouraged to invest in riskier assets such as cryptocurrency.
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Source: watcher.guru