Solana Eyes Price Surge To $220: Breaking Through This Resistance Is The Key
August 24 2024 - 1:30AM
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
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024