The cryptocurrency market has stagnated over the last few days despite a cooler inflation reading in the US. Solana (SOL) has dipped below $140, and is in the reds across the board. SOL is down 3% in the last 24 hours, 10.6% in the weekly charts, 21.1% in the 14-day charts, and 25.5% over the previous month.
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The ongoing market dip could be due to Bitcoin (BTC) miners capitulating and selling their holdings and the lack of new money entering the market. The Securities and Exchange Commission (SEC) recently dropped its investigation into Ethereum (ETH) as well, but the move did not have an impact on the larger market.
Can Solana (SOL) reclaim $140 this weekend?
The researchers at CoinCodex expect SOL’s price to consolidate at current levels for the rest of the month. According to the platform’s data, SOL will continue to trade at around $136 over this weekend. CoinCodex predicts SOL to reclaim the $140 level on July 7, 2024, and the $150 level in mid-July.
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Changelly also presents a similar forecast for Solana (SOL). The platform anticipates SOL to reclaim the $140 mark on July 3, hitting $142.36.
According to data from The Block, the number of active addresses on the Solana network has consistently increased over the past one year. The number of new addresses has declined since March 2024.
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SOL might not make any positive movements without the larger crypto market taking the lead. BTC is the current market leader and other assets follow its trajectory. Without BTC making a forward movement, SOL may continue to remain at current levels.
