Solana (Sol) has been rebounding from recent DIP. According to data from Coingecko, the asset is 5.3% on daily charts, 7.1% on weekly charts, 15.8% on 14-day charts, 29.9% on monthly charts, and 6.5% since July 2024. The rebound rekindled hopes that Solana would next regain the $200 mark.
What is behind the rally? Can Solana hit $200 next?
Sol’s latest gathering comes amid rebounds across the market. Bitcoin (BTC) has recouped a price level of $117,000 after a recent decline to $115,000. The reversal of BTC could have led to a market revival. The Crypto market has faced a revision over the past few days due to increased profits and lower ETF inflows.
Solana (Sol) can regain the $200 mark in the next few days if it is breached above the $190 price level.
Sol is down almost 36% from an all-time high of $293.31. Popular cryptocurrencies peaked at the beginning of January this year. Cincodex data suggests that Sol may move in a horizontal pattern over the next few days. The platform expects SoL to trade on August 15th at $194.58. At $194.58 from the current price level, you’ll need a gathering of around 3.38%.
Sol could face another revision in the coming days as market participants await minutes of the FOMC (Federal Open Market Committee). Investors can take note before taking a position. The Federal Reserve stance after the FOMC meeting may determine how investors choose to move forward. Hawkish’s stance could lead to a market decline. Meanwhile, if the Federal Reserve ultimately decides to cut interest rates, SOL and the larger crypto market may see an increase in inflow as borrowing becomes easier. We have not yet seen how the market will function in the coming days.