As the price of Solana (SOL) reached $144.86 today (08/29/2024), there may be several factors that influenced this rise after the previous drop:
1. Market recovery: The market may have started to recover after the previous drop. This recovery could be the result of buying from investors who see the price at $140 as a good buying opportunity.
2. Positive news: There may have been positive news or good developments regarding the Solana network or the market in general, which led to an increase in demand for the coin.
3. Market correction: After a sharp drop, cryptocurrencies often see an upward correction as the market stabilizes and investors reassess risks.
The current price of Solana reached $144.86 on 08/29/2024, and the price has fluctuated recently due to several factors including market influences and network-related news. Despite the recent recovery, there are mixed expectations for the upcoming period.
Looking at the technical analysis and recent data:
- Expected price downside: The price could drop to $120-$130 if selling pressure and general economic concerns persist.
- Expected price upside: If the market continues to recover and confidence in Solana is strengthened, the price could rise to $145-$155 by the end of the month, especially with continued support from network-based projects and increased use of stablecoins like USDC on Solana.
It is worth noting that these forecasts are based on variable factors such as economic market volatility and legal developments.
This is not financial advice, do your own research. Good luck everyone.
