After a rapid rise, the cryptocurrency market appears to be touching. Solana (Sol) coincided with a rise in Bitcoin (BTC) last week. There’s a lot of $186 resistance in SOL. Sol’s uptrends failed to achieve the speed they achieved earlier this year. Within the last 24 hours, Sol lost 2.3%. We maintain profits in other analyzed periods. SOL scored 2.1%, 2.1%, 18.2%, and 4.6% on each week, 14 days, monthly, and annual charts.
Cryptocurrency slides when Bitcoin Rally loses momentum
BTC climbed to a new all-time high of $111,814 on May 22nd. The original code has since dropped to a level of $109,000. The BTC rally sparked a market-wide rally. While BTC has risen to a new peak, most other assets are still far from hitting new highs. The Sol dip could be due to slowing down the BTC rally.
Sol’s recent gatherings could be due to an increase in institutional investment in BTC ETFs. BlackRock has made massive BTC purchases in recent weeks.
The Crypto market could experience another bullish leg if the Federal Reserve announces interest rate cuts. The Fed has not yet announced this.
Solana price forecast for June 1st
According to Concodex, Sol could experience a small priced gathering in the coming days. The platform expects the assets to trade at $175.25 on June 1st. Sol’s price will face a 1.13% rally when it rises to $175.25.
Also, Solana will receive a major upgrade soon. FireDancer updates can significantly increase the number of transactions per second in your SOL network. This move could lead to a surge in users. Such a scenario could lead to the price of Sol, experiencing large spikes.