Solana plunges 10 percent in 24 hours as traders weigh dip-buying opportunities amid heightened crypto market volatility and uncertain investor sentiment
Another correction is imminent for the cryptocurrency. Following its recent ascent to the $109,000 price point, Bitcoin (BTC) has recently declined to $104,000. In the past 24 hours, the global crypto market value has decreased by 6.4% to $3.36 trillion.
Solana (SOL) is not an outlier in the current trend. The sixth-largest cryptocurrency has experienced a decline of 10.1% on the daily charts, 2.9% on the weekly charts, 13.5% on the 14-day charts, 21.5% over the previous month, and 5.9% since June 2024.
As a result of elevated volatility, cryptocurrency prices plummet. The most recent decline in the cryptocurrency market resulted from the heightened volatility that accompanied Israel’s recent attack on Iran.
Investors may have been alarmed by the developments and opted to withdraw their funds before the conflict escalated. In the past 24 hours, $1.15 billion in cryptocurrencies has been liquidated, as per CoinGlass data. The decline in SOL is likely a result of the broader market liquidation.
Recently, the cryptocurrency market has encountered significant challenges in establishing substantial momentum. On May 22, BTC reached an all-time high of $111,814, but other assets did not achieve comparable heights. We may be entering another bearish phase in the upcoming weeks.
Is it advisable to purchase Solana during the current decline?
Purchasing the decline is a prevalent investment strategy. It enables investors to acquire assets at a reduced cost. Additionally, it contributes to the reduction of the average cost of each coin.
A common dilemma individuals encounter is whether to purchase the decline immediately or wait for the price to decrease further.
The most recent market collapse is quite substantial. There is a possibility that the price of SOL will continue to decline in the coming days.
CoinCodex predicts that Solana (SOL) will experience an increase in momentum in the coming months. On August 29, the platform anticipates that SOL will trade at $179.79. If the $179.79 target is achieved, SOL’s price will increase by 25.61%.
