Solana Sol has been on the rise in the last 30 days, climbing 36% over that period. The cryptocurrency market is experiencing even more rebounds today, with Bitcoin (BTC) approaching the $100,000 mark once again. Global crypto market capitalization has risen 0.9% to $3.17 trillion in the last 24 hours. Solana (Sol) continues to rise in the market. The asset earned 3% on the daily chart, 0.9% on the weekly chart and 1.3% on the 14-day chart.
The latest market rally comes as the Governor of Arizona signs the Bitcoin Reserve Fund bill to law. The move comes as a relief for crypto investors and supporters, especially considering Florida has withdrawn two crypto bills from the table. SOL and other crypto assets may benefit from development.
Additionally, the Solana network has been taking up steam, and network activity has increased over the past few weeks. Total locked on SOL networks has increased by 25% over the past month alone. Dex’s volume has almost doubled, and Sanctum and Raydium are watching most of the action. Many experts suggest that if this momentum continues, a more bullish signal will flash, sending Sol to probably $200.
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Open interest in Sol Futures has recently risen to 38.7 million contracts, but is now worth more than $5.8 billion and ranks third in the market. The Solana Meme Coins are getting hot again, dripping with its momentum on Solana’s traditional cryptocurrency. All of these factors will climb to start May and paint bullish pictures for the possibility of coins for the rest of the month.
According to analysts at Concodex, Solana (Sol) was able to enter the lateral trajectory in the coming weeks. The platform expects the asset price to drop to $136.18 on May 24th. Sol’s price will face a 9.45% revision if it is classified as $136.18. On the other hand, it is also possible that Sol will not face corrections as predicted by Concodex. The Federal Reserve could quickly cut interest rates. Rate reductions can cause a surge in risky investments as borrowing becomes easier. Furthermore, Bitcoin Continuing climbing over $100,000, Solana can follow suit towards the current ATH.
