Crypto Price Today: Bitcoin, Solana, Cardano, others fall up to 7%. Here's why (2024)

FAQs

Why is the Solana price dropping? ›

Declining onchain activity has been playing out on Solana over the past month, with euphoria around memecoins relatively fading out. Data from Dune Analytics illustrated a $7.7 billion weekly DEX volume last week, which is a 6-month low for the ecosystem.

Cryptocurrency Prices Today By Market Cap

The global cryptocurrency market cap today is $2.12 Trillion, a -1.31% change in the last 24 hours.

A key reason for these bearish markets is fear of a slowdown in the US economy. US job market data published on August 2 reported the highest unemployment rate since October 2021 alongside weaker than expected job growth.

SOL price predictions by 7 experts:

According to 7 reputable experts, medium term Solana price predictions range from $500 to $750, averaging $600. Long term, SOL predictions span $500 to $2,230, averaging $800. Their consensus indicates steady growth in the mid-hundreds.

By January 2025, 5SCAPE could potentially increase 1000x from its current value, driven by its expanding ecosystem and the growing VR market, making it a compelling investment. The token will soon witness a boost and could breach $1 mark post launch.

Positioned as a key player in the next crypto bull run, Solana VM could offer returns of up to 1000x by January 2025, capturing the attention of forward-thinking investors.

When long positions are liquidated, traders who are betting on prices going up are forced to sell their positions, often at a loss. This increased selling pressure has driven the crypto market valuation lower today.

While the trend in the first few months remained largely bullish, the bearish interference squashed the bullish possibility. Regardless of this, the Bitcoin price is believed to revamp a strong ascenidng trend in Q4 and rise again in 2024.

Will Bitcoin rise again? ›

Daily Bitcoin (BTC) Price Prediction For Today, Tomorrow, this Week, and Next 30 Days. Based on your price prediction input for Bitcoin, the value of BTC is projected to increase by 5%, potentially reaching $ 58,000.54 in the next 30 days.

SOL's ongoing rally is part of a broader rebound movement inside its prevailing symmetrical triangle pattern. A symmetrical triangle is a continuation pattern that forms when the price consolidates within a narrowing range, marked by a descending trendline of resistance and an ascending trendline of support.

Assuming the 90 days trading horizon and your above-average risk tolerance, our recommendation regarding Solana is 'Strong Sell'.