- Solana (SOL) faces resistance at the $210 price level as it consolidates after recent gains.
- SOL has risen 3.9% in the past 24 hours and 57.1% since September 2024, according to CoinCodex.
- World Liberty Financial’s launch of the USD1 stablecoin on Solana and recent Bitcoin gains contributed to the price increase.
- Analysts at CoinCodex project SOL could reach $220.40 by October 6, assuming a 4.6% rally from current prices.
- Potential interest rate cuts by the Federal Reserve could help SOL surpass $220 and approach its all-time high of $293.31.
Solana (SOL) is currently encountering resistance at $210 as its price consolidates following a period of upward movement. The cryptocurrency has recorded positive performance across several timeframes and is trading higher this week. The price increase comes as significant activities and market trends impact the broader crypto sector.
According to CoinCodex, Solana rose 3.9% over the past 24 hours, 3.1% over the last week, 16.2% in two weeks, 29.5% in a month, and 57.1% since September 2024. The token may test the $220 mark if it breaks past the $210 resistance level.
A likely contributor to the latest price momentum is the launch of the USD1 stablecoin by World Liberty Financial on the Solana network. This organization recently burned 47 million tokens and has attracted attention due to its connections with major crypto investments during the Trump administration. In addition, Bitcoin’s recovery, as it regained the $111,000 level after a temporary dip below $108,000, appears to have supported the rally in alternative assets like Solana.
CoinCodex analysts expect SOL’s upward movement to continue, predicting it could reach $220.40 by October 6 with an estimated gain of 4.6% from current prices. The outlook could further improve if the Federal Reserve implements a forecasted 25 basis point interest rate cut in September.
Solana remains one of the most resilient cryptocurrencies, rebounding strongly after its price crash in 2022. It currently trades approximately 28% below its all-time high of $293.31. According to analysts, surpassing $220 could position SOL for new record highs if positive factors persist.
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