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.
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.
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.
The story "Solana Eyes Price Surge To $220: Breaking Through This Resistance Is The Key" has 457 words across 66 sentences, which will take approximately 2 - 4 minutes for the average person to read.
Which news outlet covered this story?
The story "Solana Eyes Price Surge To $220: Breaking Through This Resistance Is The Key" was covered 13 hours ago by NewsBTC, a news publisher based in United Kingdom.
How trustworthy is 'NewsBTC' news outlet?
NewsBTC is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United Kingdom and publishes an average of 4 news stories per day.
It's most recent story was published 11 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.