Analysis of the Reasons for Solana (SOL) Price Increase Today and Future Targets
What is the reason for the rise in Solana (SOL) price today? With the US Federal Reserve announcing a 50 basis point rate cut, the market reacted positively, and the price of Solana rose nearly 10% from a low of $128 in the past 24 hours.
Although the rate cut was expected by most people, the dovish speech of Federal Reserve Chairman Powell pushed the overall cryptocurrency market to a positive trend. Powell said that economic growth is solid and inflation is falling, which is good news for the crypto market.
In addition, the high correlation between Solana and Bitcoin also drove the rise in the altcoin market. According to data, Solana held the support level of $127 earlier this month, and traders are eyeing the potential to break through the resistance level of $140.
With the funding rate reaching a two-month high and attracting more futures traders to join, multiple positive factors indicate that the target price of $160 may be achieved in the future.
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