The cryptocurrency market has confronted a considerable value correction at this time. Bitcoin (BTC) has dipped to the $103,000 stage after its climb to an all-time excessive of $111,814 final month. The most recent market correction marks the second dip in two months. Solana (SOL) can also be following the market-wide correction. The sixth-largest cryptocurrency by market cap has fallen 3.4% within the day by day charts, 10.8% within the weekly charts, 18.9% within the 14-day charts, and 14.4% since June 2024.
Cryptocurrencies Falter Amid Trump Vs. Musk Battle
The market correction may very well be on account of Elon Musk and Donald Trump turning the tide on one another. Musk, as soon as Trump’s shut aide, now appears to be distancing himself type the US President. The sudden flip of occasions come as a shock to many within the political spectrum. SOL and different crypto property could also be bearing the brunt of the growing bitterness between Musk and Trump.
The final market sentiment has additionally turned bearish over the previous few days. BTC’s latest rally was doubtless on account of a spike in institutional investments. BlackRock alone bought greater than $3 billion price of BTC in Might. The world’s largest asset supervisor bought a few of its BTC holdings earlier this week. In accordance with Arkham Intelligence knowledge, BlackRock purchased Ethereum (ETH) after promoting BTC. SOL and different property had been doubtless simply following BTC’s trajectory.
Ought to You Purchase Solana Throughout This Dip?
Solana (SOL) has emerged as some of the resilient crypto property over the previous few years. SOL’s value fell to beneath $9 after the FTX collapse of 2022. Since its 2022 lows, SOL has hit a number of all-time highs. Going by this sample, it could show to be profitable to purchase SOL in the course of the present market dip.
In accordance with CoinCodex, SOL’s value will slowly rise over the subsequent few months. The platform anticipates the asset to commerce at $184.08 on Aug. 23. SOL’s value will rally by 24.71% from present value ranges if it hits the $184.08 goal.
