Solana (SOL) is currently outperforming the top 10 projects by market cap. The asset has rallied 6.7% in the daily charts, 15.5% in the weekly charts, 12.4% in the 14-day charts, and 7.9% over the previous month. Despite the rally, SOL’s price is down 3.7% since April 2024. Bitcoin (BTC), on the other hand, has rallied 1.3% in the daily charts and 3% in the weekly charts. Ripple’s XRP token has risen 1.7% and 4.7% in the same time frames.
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Cryptocurrencies Recover As Bitcoin Reclaims $84,000
Solana’s (SOL) rally comes amid a larger cryptocurrency market resurgence. Bitcoin (BTC) has reclaimed the $84,000 price level after its recent descent to sub-$75,000 levels. The global crypto market cap has risen to $2.76 trillion. Bitcoin’s rally could be fueled by BlackRock’s recent purchase of more than $74 million worth of the asset.
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The market recovery came after President Trump announced a 90-day pause on tariffs, excluding China. SOL and other cryptocurrencies saw a surge in fund inflows soon after the tariff-pause announcement.
Can Solana Hit $150 Next?
SOL had an incredible year in 2024. The asset hit multiple all-time highs. SOL’s price soared to a peak of $293.31 on Jan. 19. The asset’s price has fallen by 54.2% since its January highs. The low prices could prove to be an excellent entry point for new investors.
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According to CoinCodex, SOL may continue its bullish trajectory over the next few weeks. The platform anticipates the asset to hit $150.38 on May 17. SOL’s price will face an 11.91% rally if it hits the $150.38 target. CoinCodex does not anticipate SOL’s price to hold at $150. The platform predicts SOL will face a correction to below $130 soon after it hits $150.
