Cryptocurrencies Price Prediction: Solana, Bitcoin & Dogecoin – European Wrap 29 August

Three reasons why Solana could hit $250

Solana (SOL) is trading near the $200 support level on Friday. The Ethereum alternative token could target the $250 resistance, while several factors fuel a bullish thesis for the altcoin. 

The three key catalysts are institutional demand, rising value of assets locked in the Solana blockchain and the momentum indicators on the daily SOL/USDT price chart. 

Bitcoin Weekly Forecast: BTC steadies after a massive sell-off

Bitcoin (BTC) extends its decline this week, trading below $110,000 at the time of writing on Friday. The largest cryptocurrency has fallen more than 10% from its August record high, with over $1.8 billion in liquidations rattling crypto markets, mostly from long positions. Traders should remain cautious as spot demand stays neutral and perpetual futures sentiment appears fragile.

Bitcoin price opened the week under pressure, extending its decline and crashing by over 13% from the August 14 record high of $124,474 to a low of $108,666 on Tuesday. This price correction comes despite the dovish remarks from Federal Reserve Chair Jerome Powell at Jackson Hole last week, who said that the central bank will adopt a new policy framework of flexible inflation targeting and eliminate the 'makeup' strategy for inflation. "Framework calls for a balanced approach when the central bank's goals are in tension," Powell added. 

Meme Coin Price Prediction: DOGE, SHIB, PEPE test key levels amid muted interest

Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are holding at crucial support areas as a potential altcoin season loads. However, interest remains muted in the derivatives market as meme coins suffer from declining open interest. 

CoinGlass data shows that the Open Interest (OI) of Dogecoin, Shiba Inu, and PEPE has decreased by nearly 2%, 7%, and 4%, respectively. Typically, a loss in OI refers to a decline in interest from derivatives traders, resulting in capital outflows as they wait and see on the sidelines.