Solana appears to have rebounded to $156 from her recent plunge. According to Coingecko’s SoL Statistics, assets have won 3.2% over the past 24 hours, 3.2% on the weekly chart, 14% in the previous month and 14.4% since August 2024. Solana (Sol) may be preparing for a major breakout of over $200. Let’s discuss more.
Solana will move to $200
Sol has gone through quite a few months. The assets rose to an all-time high of $293.31 on January 19th. Since its January high, Sol’s prices have fallen 40.6%. Sol has been struggling to gain momentum over the last few months.
Sol’s inactive performance may be due to the bearishness of the general market. Bitcoin (BTC) appears to have been the only highlight in the crypto market. The Crypto market had a considerable gathering in July, but Sol was unable to maintain its profits. The assets rose to the $205 mark for a short time, but were soon faced with a correction. The DIP may be because the Federal Reserve decided to keep interest rates unchanged.
According to Coincodex’s SOL analysis, Solana could continue to gather slightly over the next few weeks. The platform expects its assets to reach $208.31 on October 21st. At $208.31 from the current price level, you will need a meeting of nearly 20%.
Sol’s latest gathering could last for the next few days. It is likely that the Federal Reserve will cut interest rates by 25 basis points in September. Rates help drive Sol’s price beyond $200.
It is also possible that the crypto market will face corrections instead. The trade war has significantly increased prudence among market participants. Economic uncertainty and a decline in investor confidence could lead to SOL losing momentum.
