Solana (SOL) faces immediate resistance at a price level of $210. The assets are traded entirely in the green zone, but their prices appear to be indicative of consolidation. According to Concodex, Solana (SOL) has 3.9% over the past 24 hours, 3.1% over the weekly chart, 16.2% over the 14-day chart, 29.5% over the monthly chart, and 57.1% since September 2024.
Will Solana hit $220 in September?
The latest price surge for Solana (Sol) could be attributed to the launch of World Liberty Financial’s USD1 Stablecoin on the SOL network. World Liberty Financial is making headlines late after burning 47 million tokens on Wednesday. Since President Trump took office, Trump’s family-backed projects have made considerable crypto investments.
Solana (Sol) Rally could also be attributed to Bitcoin (BTC) regaining a price level of $111,000. BTC has faced a sudden revision over the last few days, cutting it by $108,000 at one point. The revival of BTC also appears to be attracting a larger market.
According to analysts at Concodex, Solana (SOL) will continue to surge in the coming weeks. The platform expects SoL to reach $220.40 on October 6th. At $220.40 from the current price, you’ll need a gathering of around 4.6%.
It is likely that the Federal Reserve will cut interest rates by 25 basis points in September. Interest rate cuts significantly increase the likelihood that Solana (SOL) will violate the $220 mark much faster than Coincodex expects.
Solana (Sol) has emerged as one of the most resilient cryptocurrencies on the market. The asset has led to an incredible comeback after the price crashed in 2022. Sol is currently down 28.2% from an all-time high of $293.31. If Sol is above $220, it is likely to reach an all-time high.