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Will the Solana Price Drop?

Will the Solana price drop after recovering from the crypto market crash on August 5?

Why will the Solana price drop?

On Aug. 5, the Solana price fell to $110.46, marking its lowest level in the last 3 months. However, SOL wasn’t the only coin to collapse that day amid various economic indicators. Despite this, Solana was one of the few crypto assets that quickly rebounded in value. By Aug. 9, SOL had already risen to $162.84, reflecting a growth of about 47.42%.

Will the Solana price drop? SOL price history for the last 7 days. Source: CoinGecko

Since then, the SOL price has stabilized around the $150 level. But the question remains: will the Solana price drop again, presenting another buying opportunity, or is now the right time to enter the market?

What Will Happen to the Solana Price?

Crypto traders are divided in their opinions. Some believe the Solana price will drop below $130 again and are waiting for the right moment to open positions. Others argue that further declines are unlikely and that the coin will continue to rise.

Crypto trader Nate suggests that the Solana price may not increase further but could hover around $160 with slight fluctuations before eventually falling lower. That points to a pattern on the chart that indicates a 60-day cycle low on Sept. 5, with a possible return to $109.

On the other hand, another trader, known as Dubzy, believes that the Solana price is poised to jump, linking to a consolidation period that began around April 2024.

Similarly, trader RB6 is confident that the Solana price won’t drop significantly anymore. According to RB6, the crucial price level will be determined between Sunday and Monday. Based on his analysis, the trader believes that SOL will not fall below $125.

Bitcoin’s (BTC) performance will also be a significant factor in Solana’s future price movement. While the performance of both coins differs, a sharp decline in BTC could trigger a broader market sell-off, affecting SOL and other altcoins.

Analysts at CryptoQuant note that Bitcoin’s price realization on short positions for whales is at $65,000. This suggests that when BTC reaches this level, holders may close their trades for profit, potentially leading to a price drop.

Bitcoin price realization for short and long positions. Source: CryptoQuant
Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

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