After the recent major decline in the cryptocurrency market, many assets have entered a recovery phase. However, To the left (SOL) was one of the names at the forefront of this recovery.
Solana’s Impressive Performance
In the last 24 hours, Solana’s value has increased by almost 20%. The price rose from $110 to $143 and is currently trading at $138.67 after a minor correction. The daily increase is recorded as 14%.
In this period, Bitcoin (BTC) rose 4.56% to $55,374. Binance’s BNB rose 10.3% to $486 during the same period, and ETH rose 6.53% to $2,483.
Future Predictions for Solana
Following this rise, investors are hoping that Solana will see further gains this month. However, it seems that the bears in the market are going to dash these hopes. According to the latest data from Changelly, SOL is expected to drop to $119 on August 15, dampening the asset’s potential bullish hopes.
Is Solana a Buying Opportunity for Investors?
Trader JohnnyB thinks that Solana’s decline is not over yet. In his opinion, the altcoin is likely to experience another drop before recovering.
JohnnyB describes this potential decline as a “generational buying opportunity.” In this context, he suggests that long-term investors may enter the market during this period.
It looks like we are going to get one more generational buy opportunity in $LEFT pic.twitter.com/64hQr7MZgA
— JohnnyB (@johnnybtrader) August 4, 2024
Cryptocurrency Given the volatile nature of the market, it can be difficult to predict Solana’s price direction. However, most current signs suggest that the asset is likely to decline in the near future.
Altcoins have growth potential, but investors should be careful due to the short-term decline and volatile nature of the market.