The cryptocurrency market has faced a substantial price correction today. Bitcoin (BTC) has dipped to the $103,000 level after its climb to an all-time high of $111,814 last month. The latest market correction marks the second dip in two months. Solana (SOL) is also following the market-wide correction. The sixth-largest cryptocurrency by market cap has fallen 3.4% in the daily charts, 10.8% in the weekly charts, 18.9% in the 14-day charts, and 14.4% since June 2024.

Cryptocurrencies Falter Amid Trump Vs. Musk Conflict

The market correction could be due to Elon Musk and Donald Trump turning the tide on each other. Musk, once Trump’s close aide, now seems to be distancing himself form the US President. The sudden turn of events come as a surprise to many in the political spectrum. SOL and other crypto assets may be bearing the brunt of the developing bitterness between Musk and Trump.

The general market sentiment has also turned bearish over the last few days. BTC’s recent rally was likely due to a spike in institutional investments. BlackRock alone purchased more than $3 billion worth of BTC in May. The world’s largest asset manager sold some of its BTC holdings earlier this week. According to Arkham Intelligence data, BlackRock bought Ethereum (ETH) after selling BTC. SOL and other assets were likely just following BTC’s trajectory.

Should You Buy Solana During This Dip?

Solana (SOL) has emerged as one of the most resilient crypto assets over the last few years. SOL’s price fell to below $9 after the FTX collapse of 2022. Since its 2022 lows, SOL has hit multiple all-time highs. Going by this pattern, it may prove to be lucrative to buy SOL during the current market dip.

Also Read: Solana Retreats From $163 Jump: Can SOL Find Momentum in June?

According to CoinCodex, SOL’s price will slowly rise over the next few months. The platform anticipates the asset to trade at $184.08 on Aug. 23. SOL’s price will rally by 24.71% from current price levels if it hits the $184.08 target.