Solana Eyes Price Surge To $220: Breaking Through This Resistance Is The Key

Name	Symbol	Market	Market Cap ($)	Algorithm
Cardano	ADAUSD	Crypto	11,598,453,060	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Cardano

ADAUSD

Crypto

11,598,453,060

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0106	-3.18%	0.3231	0.3229	0.3231

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0106

-3.18%

0.3231

0.3229

0.3231

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.3367	0.320	0.3335	0.3337	0.275966 - 0.810200

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.3367

0.320

0.3335

0.3337

0.275966 - 0.810200

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	21:39:21	4,642.29	0.3231	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

21:39:21

4,642.29

0.3231

USD

Price x Volume	Volume	Base Symbol	Related Pairs
5,859,726.66	17,775,563.08	ADA	ADAEUR	ADAGBP	ADABTC

Price x Volume

Volume

Base Symbol

Related Pairs

5,859,726.66

17,775,563.08

Solana Eyes Price Surge To $220: Breaking Through This Resistance Is The Key

24/08/2024 6:30am

NEWSBTC

Solana (SOL), currently positioned as the fifth largest cryptocurrency by market capitalization, is mirroring Bitcoin’s (BTC) recent pattern of recovery, exhibiting a positive trajectory over the past couple of weeks. Friday’s recent price spike comes on the heels of positive macroeconomic developments from the US Federal Reserve (Fed), which have had a positive impact on the broader cryptocurrency market. 7% Weekly Uptick Amid Economic News In the last 24-hour window, SOL has surged by nearly 4%, showcasing a 7% uptick over the past week. This rebound comes after SOL plummeted to the $110 mark on August 5, marked by overall market turbulence triggered by adverse economic news impacting risk assets. Contrary to the negative economic backdrop previously witnessed, the recent scenario has taken a turn for the better following a noteworthy statement by Fed Chair Jerome Powell. Related Reading: Bitcoin Price Breaches $62,000: Market Reacts To Powell’s Speech In a speech delivered earlier today, Powell hinted at the likelihood of an interest rate cut by the central bank in September. While specifics regarding the magnitude of this move were not explicitly disclosed, Powell emphasized the Fed’s readiness to adjust policies to safeguard the job market from further deterioration and to ensure a smooth economic transition. “The time has come for policy to adjust,” remarked Powell during the Kansas City Fed’s annual conference in Jackson Hole, Wyoming. He emphasized the clarity of the direction for policy adjustments, highlighting that the timing and scale of rate cuts would hinge on incoming data, evolving economic forecasts, and risk evaluations. Solana Price Projection The market response to Powell’s statements has been palpable, with Bitcoin surging to the $63,000 mark at the time of reporting. Additionally, Ethereum (ETH) has seen a 4.4% upsurge to reach the $2,730 level, a height not observed since the end of July. Related Reading: Cardano Investors React To 14% ADA Price Surge To $0.37 In addition, a recent observation from crypto analyst Ali Martinez suggests that Solana may be forming an Adam & Eve pattern, hinting at a potential surge towards $164 if SOL manages to breach this resistance level. In the event of a successful breakthrough, a substantial 33% increase towards $220 could be on the horizon. Should this projection materialize, SOL’s price would fall just shy of its previous all-time high of $259 recorded during the 2021 bull run, which peaked in November of that year. This expected spike would also put SOL well above its annual high of $210, which was reached five months ago. In the near term, however, the SOL price must first overcome the $151 resistance wall that has prevented the token from moving higher since August 11. Should the price break through this level, it would favorably position the token to potentially retest and consolidate above its next major resistance at the $161 zone. Featured image from DALL-E, chart from TradingView.com

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