The cryptocurrency market is experiencing even more rebounds today. Bitcoin (BTC) is once again approaching the $100,000 mark. 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 achieved 3% on the daily chart, 0.9% on the weekly chart, 1.3% on the 14-day chart and 36.1% on the previous month.
Cryptocurrency surges amid the new Arizona bill
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 The move comes as a relief for crypto investors and supporters, especially considering Florida has withdrawn two crypto bills from the table.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.
BTC is currently facing resistance at the $99,000 mark. Meanwhile, Sol is currently facing resistance at the $150 level. Sol could experience a breakout once BTC regains its $100,000 level.
Can Solana hit $200 next?
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.
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.
Also, if BTC continues its upward momentum, Sol may experience a rally. The original code is 9% off the record high of $108,786. If BTC regains its $100,000 mark, it could reach an all-time high.