Solana Slows on Market Upset; New SOL Price Prediction
Solana dipped Thursday as the crypto market felt sweeping selling pressure on new attacks in the Strait of Hormuz.
Quick overview
- Cryptocurrency prices, including Solana (SOL), fell on Thursday due to geopolitical tensions following Iran's attacks on vessels.
- Solana's price dropped 3.09% to $85.42, struggling to maintain levels above $90 amid rising oil prices and market corrections.
- Despite recent declines, there are indications of a potential bullish surge for Solana, which could push its price back toward $90 if geopolitical tensions ease.
- Long-term performance remains a concern for Solana, as it has lost 4.16% over the last month and 31% since the beginning of the year.
Cryptocurrency prices fell Thursday after Iran attacked multiple vessels off its coast, sending Solana (SOL) down 3.09% to $85.42 (SOL/USD).
Solana was unable to stay above $90 this week and felt the pressure of Middle East conflict and fear over rising oil prices. Crude oil jumped 3% Thursday, and Solana’s price fell by about the same percentage.
SOL/USDOver the last week, Solana has averaged about $86 and is currently just below that price point. We anticipate that the coin will climb again before the week is over, especially since the coin has trended upward for most of the past month.
Solana May Be Preparing to Surge Upward
According to data from Kraken, Solana climbed sharply Thursday afternoon, moving from $84.69 to $85.42 in about 20 minutes. This could indicate a bullish surge that may sweep the crypto market. For much of the day, the market trended downward, with Bitcoin (BTC) losing 1.9% and Ethereum (ETH) dropping by 3.46% over a 24-hour period.
We are noticing similar drops across the market, and while some of it can be blamed on the fresh ship attacks in Iran, some of the decline has to be attributed to the market correcting after significant gains the previous day. The story is the same in the stock market, with stock indices dropping Thursday after significant gains Wednesday.
The Solana bulls may come to the coin’s rescue and defend it at the $85 price point. That will be partly dependent, though, on the conflict in the Middle East. If the attacks continue and the ceasefire is broken, we could see fresh lows for the crypto market. If peace resumes and the ceasefire is upheld, then Solana could push back toward $90 very quickly.
What is hurting Solana right now is its long-term performance. The coin lost 4.16% over the last month and is down by 31% since the start of the year. These numbers are weighing on investors who are hoping for the coin to break out and reach its previous highs. The slow but steady upward progress from the last few weeks is promising, but that could be a short-tail trend rather than the development of a protracted bullish movement.
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