Solana (SOL) is facing immediate resistance at the $210 price level. The asset is trading in the green zone across the board, but its price seems to show some signs of consolidation. According to CoinCodex, Solana (SOL) has rallied 3.9% in the last 24 hours, 3.1% in the weekly charts, 16.2% in the 14-day charts, 29.5% in the monthly charts, and 57.1% since September 2024. Solana (SOL) could hit the $220 mark if it breaks out of its current resistance levels.
Will Solana Hit $220 In September?
Solana’s (SOL) latest price surge could be due to World Liberty Financial’s USD1 stablecoin launch on the SOL network. World Liberty Financial has been making headlines of late after it burned 47 million tokens on Wednesday. The Trump family-backed project has made substantial crypto investments since President Trump took office.
Solana’s (SOL) rally could also be due to Bitcoin (BTC) reclaiming the $111,000 price level. BTC faced a steep correction over the last few days, briefly dropping below $108,000 at one point. BTC’s resurgence seems to be pulling the larger market as well.
According to CoinCodex analysts, Solana (SOL) will continue to surge over the next few weeks. The platform anticipates SOL to hit $220.40 on Oct. 6. Hitting $220.40 from current prices will entail a rally of about 4.6%.
There is a high likelihood that the Federal Reserve will slash interest rates by 25 basis points in September. An interest rate cut will greatly increase Solana’s (SOL) chances of breaching the $220 mark much sooner than CoinCodex’s expectations.
Also Read: Solana SOL to $300? How Bitcoin Rebound can Spark a SOL Rally
Solana (SOL) has emerged as one of the most resilient cryptocurrencies in the market. The asset has made an incredible comeback after its 2022 price crash. SOL is currently down by 28.2% from its all-time high of $293.31. If SOL goes beyond the $220 mark, there is a high chance that it could hit a new all-time high.
