The cryptocurrency market is facing considerable price adjustments today. Bitcoin (BTC) immersed in the $103,000 level last month after rising to an all-time high of $111,814. The latest market correction marks the second DIP in two months. Solana (Sol) continues to revise the market as a whole. The sixth largest cryptocurrency by market capitalization has declined 3.4% on the daily chart, 10.8% on the weekly chart, 18.9% on the 14-day chart, and 14.4% since June 2024.
Cryptocurrency flows between Trump vs Musk conflict
The market correction could be due to Elon Musk and Donald Trump turning the tide over each other. Musk, once a close aide to Trump, now seems to be keeping himself at a distance. Sudden events come as a surprise to many in the political spectrum. SOL and other crypto assets may bear the brunt of the developing bitterness between Musk and Trump.
The sentiment in the general market has also become bearish over the past few days. The recent BTC meeting could be due to a surge in institutional investment. I bought over $3 billion in BTC in May from BlackRock alone. The world’s largest asset manager sold part of BTC Holdings earlier this week. According to Arkham Intelligence Data, BlackRock bought Ethereum (ETH) after selling BTC. SOL and other assets were merely following the trajectory of BTC.
Do I need to buy Solana during this dip?
Solana (Sol) has emerged as one of the most resilient crypto assets in recent years. Sol’s prices fell below $9 after the FTX collapse in 2022. Going on to this pattern may prove advantageous to buy SOL during dips in the current market.
According to Concodex, Sol prices will slowly rise over the next few months. The platform expects the assets to trade on August 23 at $184.08. Sol’s price will rise 24.71% from its current price level if it reaches its $184.08 target.
