Solana (Sol) is currently the most performant cryptocurrency of the top 20 projects by weekly chart market capitalization. According to data from Coingecko, Sol’s prices are 2.4% on the daily chart, 8/1% on the weekly chart, 13.3% on the 14-day chart, 26.3% on the previous month and 56/2% since September 2024.
Why is the market rising today?
The cryptocurrency market appears to be recovering from the recent pullback. Bitcoin (BTC) recovered the $110,000 mark after temporarily dropping to a price level of $107,000. The global crypto market capitalization reached $3.89 trillion. Solana (Sol) also followed the downtrend, falling below $190 in late August.
Solana (Sol)’s latest Rally Beyond 200 Mark comes from Presidential World Liberty Financial, backed by Trump, who launched USD1 Stablecoin on the Solana network. The connection to the White House project may have boosted Sol Investors’ sentiment.
The market revival may be due to the high probability of interest rates in September. The forecast for interest rate cuts may have led investors to boost risky investments.
How much does Solana go above $200?
Analysts at CONCODEX expect Solana (SOL) to continue the rally over the coming months. The platform predicts that SoL will reach $233.51 on November 12th. Attaining $233.51 from the current price level will result in a gathering of nearly 15%.
If the Federal Reserve cuts interest rates this month, Solana (SOL) could hit the $233 mark much faster than expected. Sol’s prices are currently down more than 30% from its all-time high of $293.31. Violating the $233 mark will allow Sol to reach the highest ever high.
However, September has historically been a bearish month for the crypto market. Instead, Solana (SOL) could face a fix in the coming days.
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