Solana (SOL) has seen better days. In the last 24 hours, it dipped by 3.25%. Over the past week, it’s down 14.20%. In a two-week span, it has lost 9.4%. Solana is still down by 4.4% over the last month. Since June 2023, it’s soared by a staggering 886.4%.
SOL’s latest dip brought its price to around $152. This price was last seen in mid-May 2024. The market’s jitters might be due to the upcoming US FOMC meeting and fresh inflation data. Traders who once hoped for an early interest rate cut have now grown cautious. The optimism that colored early 2024 has faded.
Solana to reclaim $170: Details
According to CoinCodex, SOL might stay around its current price for the rest of June. Yet, the platform is hopeful. It forecasts SOL will hit $172.24 by July 5, 2024. This would mark a 12.78% increase from its current level.
Finder offers a more bullish outlook. It predicts Solana will reach a new all-time high of $284 this year. Achieving this would mean an 86% rise from today’s price. However, Finder does not specify when in 2024 this might happen. As of now, SOL is down more than 41% from its peak of $259.96, which it hit in November 2021.
A potential catalyst for SOL could be the approval of a spot ETF. Rumors are swirling that the US SEC may approve a spot SOL ETF later this year. This follows the SEC’s decisions to approve Bitcoin (BTC) and Ethereum (ETH) ETFs.
The road ahead for Solana is uncertain. It’s been a wild ride, with dizzying highs and recent tumbles. Whether it can climb back to $170 soon or even reach the lofty heights of $284 remains to be seen. Investors are watching closely, their eyes on the US economic data and the SEC’s next moves. For now, Solana stands at a crossroads, poised between risk and opportunity.