Solana (SOL) has been on a consistent upward trajectory in recent weeks, mirroring the broader crypto market’s recovery. The asset has seen significant gains, rallying 2.7% in the past 24 hours, 14.6% in the previous week, and 12.2% over the last 14 days. However, despite these impressive short-term gains, SOL remains down 13.2% in the monthly charts.
As we approach the end of August 2024, investors and traders are eager to know where SOL’s price will go next. Will the bullish momentum continue, or will a market correction derail the rally?
CoinCodex’s Optimistic Outlook
According to analysts at CoinCodex, SOL is poised for further growth in the coming weeks. They predict that the asset will consolidate around its current levels before experiencing a significant rally. The platform forecasts that SOL will trade at $162.30 on August 31, 2024. Moreover, CoinCodex anticipates a more substantial price increase in September, with SOL reaching $183.10 on September 17, 2024. This would represent a gain of about 13.21% from current levels.
Changelly’s Cautious Stance
While CoinCodex maintains a bullish outlook, Changelly researchers are slightly more cautious. They predict that SOL may experience a minor dip in the coming days. The platform expects the asset to trade at $157.31 on August 31, 2024, a decline of approximately 2.73% from current prices.
Also Read: Solana’s SOL Struggles At $150 Resistance – Network Metrics Soar To 2022 Highs
Market Factors at Play
Several factors are influencing SOL’s price trajectory. The Federal Reserve’s announcement of interest rate cuts in September 2024 has instilled confidence in investors, leading to increased demand for riskier assets like cryptocurrencies. This positive sentiment could fuel further gains for SOL in the short term.
However, it’s essential to note that the crypto market is not without its risks. Bitcoin, the largest cryptocurrency by market capitalization, has shown signs of volatility. If BTC were to experience a significant price correction, it could have a cascading effect on the broader market, including SOL.
While the overall sentiment surrounding SOL is positive, it’s crucial to approach price predictions with caution. The crypto market is highly volatile, and unexpected events can quickly alter the landscape. Investors should conduct thorough research and consider their risk tolerance before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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