Solana (SOL) has been tracking the overall market reversal, recently falling to $60 before regaining the $70 price level. According to CoinGecko data, SOL price has increased by 4.6% in the past 24 hours and 8.5% compared to the previous week. Despite the recovery, SOL is still down nearly 20% on the monthly chart. Let’s discuss what’s driving the price of Solana (SOL) and whether the asset could finally turn bullish.
Can Solana continue to rise above $70?
Solana (SOL)’s recent rally has occurred in parallel with Bitcoin (BTC) reclaiming the $65,000 level. After the peace agreement was announced between the United States and Iran, inflows into the cryptocurrency market have been active. The agreement is expected to be signed on Friday, June 19, 2026. President Trump said the Strait of Hormuz has opened without tolls. The move has already caused oil prices to fall. If oil prices remain low, inflation could slow. Such developments could lead to lower interest rates. High-risk assets such as Solana (SOL) and other cryptocurrencies could benefit from lower interest rates.
There are still some risks to be aware of. Although a peace agreement has been announced, it has not yet been signed. If the deal falls through, Solana (SOL) could see another price correction.
Second, there has been a liquidity drain, which many attribute to SpaceX’s recent IPO (initial public offering). There are still IPOs for Anthropic and OpenAI later this year. Liquidity may remain out of the crypto market for an extended period of time. AI stocks appear to have eaten up a significant amount of capital in recent months, a trend that has been gaining momentum for several years.
Third, the cryptocurrency market remains highly volatile. Solana (SOL) may have posted some healthy gains today, but the broader market is still in bear territory. Prices can change in any direction at any time.
(Tag translation) Solana
