Is Solana a ‘buy’ with SOL price at 10-month lows and down 85% from its peak?
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Solana’s (SOL) price dropped on June 3, bringing its net paper losses down to 85% seven months after topping out above $260.
SOL price fell by more than 6.5% intraday to $35.68, after failing to rebound with conviction from 10-month lows.
Now sitting on a historically significant support level, the SOL/USD pair could see an upside retracement in June, eyeing the $40-$45 area next, up around 25% from its June 4 price.
60% SOL price decline ahead?
However, a rebound scenario is far from guaranteed and Solana faces headwinds from trading in lockstep with Bitcoin (BTC), the top cryptocurrency (by market cap) that typically influences trends across the top altcoins.
Notably, the weekly correlation coefficient between BTC and SOL was 0.92 as of June 4.