Solana (SOL) was among the best-performing cryptocurrencies of 2023. However, the popular asset is struggling to gain momentum in 2024. SOL is down 2.4% in the daily charts, 17.5% in the 14-day charts, and 24% over the previous month. However, SOL has maintained some of its gains from last year, rallying 556.4% since April 2023.

Source: CoinGecko

Also Read: Solana (SOL) Falls Below $150, But a Rally May Still Be Forming

SOL’s recent dip could be due to investors’ fears fuelled by the Iran-Israel conflict. Moreover, inflation in the US continues to remain above the Federal Reserve’s 2% target, fading expectations of an interest rate cut. The Fed may continue to follow its policy of higher rates for longer until there is clear evidence of inflation going down.

Solana (SOL) price prediction for May 2024

Source – Forbes

According to CoinCodex, SOL’s price may consolidate at current levels till at least mid-May. The platform anticipates SOL to trade at $143.08 on May 1, 2024. However, CoinCodex predicts SOL to rise to $165.29 on May 21, 2024. Reaching $165.29 from current levels would translate to a growth of about 14.39%.

Also Read: Solana Hold Steady Above $155: Can SOL Hit New ATH In May?

Source: CoinCodex

Changelly paints a slightly more bullish picture for Solana (SOL) in May. The platform anticipates SOL to reach $153.93 on May 1, 2024, a rise of about 6.53% from current levels. Furthermore, Changelly predicts SOL to hit $176.62 on May 19, 2024. Reaching $176.62 from current levels would translate to a growth of about 22.23%.

Also Read: Solana (SOL) Signals Surge to $170; How High can it go in 2024?

However, there is a possibility that Solana (SOL) may rally even more than predicted, fuelled by Bitcoin’s (BTC) recent halving event. Historically, the crypto market has rallied after every BTC halving. A similar pattern may emerge this time as well.


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