solana (SOL) ecosystem continues its downward trend. In the last 24 hours, SOL lost 5% in value, bringing its price to $167.74. This latest decline is a continuation of a broader correction trend that started two days ago. Along with the price drop, Solana’s daily trading volume also decreased significantly. It dropped by 20% to $3.74 billion from the $5 billion in volume recorded in May 2021.
The decline in SOL’s price and trading volume coincided with rising expectations for approval of spot Ether exchange-traded funds (ETFs) in the US. Since May 20, the SEC has been discussing 19b-4 forms with Ether ETF applicants, increasing investor interest. EthereumIt seems to lead to .
This change was also reflected in the SOL/ETH trading pair, which has fallen by 22.65% since the SEC’s actions. Such potential changes in investment focus could divert funds away from Solana, affecting market dynamics and price performance.
However, some experts, such as analyst James Seyffart, believe that the Solana ETF may be in greater demand than other altcoins.
Expert Forecast for June 2024
Despite the current downward trend, cryptocurrency Experts are cautiously optimistic about Solana (SOL) next month. According to forecasts, SOL is expected to experience a recovery. In June 2024, the asset is projected to trade at a minimum of $176.90. While the potential average price is expected to be around $192.49, it is estimated that the altcoin could reach a value as high as $208.07.
However, various factors will be effective in SOL reaching these levels. These include Ethereum ETF approval, technological developments, overall market sentiment and regulatory climate. How Solana balances these factors will be critical in determining how high the asset can rise next month.
