The cryptocurrency market appears to be recovering. Bitcoin (BTC) temporarily collected the $86,000 mark. Global crypto market capitalization rose to $2.79 trillion after a recent plunge. Solana (Sol) continues to rise in the market. The asset rose 18.6% the previous week and 4.1% on the 14-day chart. Despite the turnaround, Sol’s prices have fallen by 1.1% on the daily chart, 2.9% on the monthly chart, and 13.8% since mid-April 2024.
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Another bullish leg of the cryptocurrency market?
The crypto market has turned green after President Trump said he would suspend tariffs for 90 days, except for those imposed on China. The suspension of tariffs could have boosted investors’ trust. Solana (Sol) and other crypto assets began gathering soon after the announcement.
There are other bullish factors that affect the market. The US Senate has approved Paul Atkins as the new SEC chairman. Many hope that Atkins will be more tolerant of the crypto industry compared to Gary Gensler.
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Sol’s Rally comes after US inflation is lower than expected. The Fed may soon announce interest rate cuts. This move could surge in risky investments.
Can Solana hit $150 next?
According to Concodex, Solana (Sol) could meet up over the next few weeks. The platform expects its assets to reach $144.87 on May 14th. If the $144.87 target is reached, Sol’s price will rise by 10.55%. Cincodex doesn’t expect Sol to cost more than $140. The platform predicts the fix immediately after Sol reaches $144.87. According to an analysis by Coincodex, Sol could fall to $126.78 on May 20th.
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