Solana (SOL) seems to be following the crypto market rebound, rallying 2.7% in the last 24 hours, 14.6% in the previous week, and 12.2% in the 14-day charts. This price prediction guide will cover the topic entirely.
Despite the rally, SOL is still down in the monthly charts, falling 13.2% in the last 30 days. Let’s determine how high the asset can go in the last week of August.
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SOL Price Prediction for August End 2024
CoinCodex Analysis
According to CoinCodex analysts’ price predictions, Solana (SOL) may consolidate around its current levels for the time being. The platform anticipates the asset to trade at $162.30 on Aug. 31, 2024.
CoinCodex analysts predict SOL will rally in the second week of September, hitting $183.10 on Sept. 17, 2024. Reaching $183.10 from current levels would translate to a rally of about 13.21%.
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Changelly Analysis
Changelly researchers are slightly bearish on SOL, predicting the asset to dip over the next few days. The platform expects the asset to trade at $157.31 on Aug. 31, 2024, a fall of about 2.73% from current prices.
Market Factors Influencing SOL
SOL may also continue surging over the next few days. The Federal Reserve has announced that it will begin cutting interest rates in September 2024.
The move may instil confidence in investors and traders to pour money into risky assets, such as cryptocurrencies.
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Potential Market Correction
On the other hand, the crypto market is showing signs of slowing down. Bitcoin (BTC) briefly reclaimed the $64,000 mark but has since fallen to $63,000.
The whole market may face another correction if the original cryptocurrency dips further. Assets like Solana (SOL) may face a similar situation in such a development.
