Solana (SOL) seems to be recovering after its dip to the $134 level last week. The asset is up by 1.9% in the daily charts, 1.2% in the 14-day charts, 15% over the previous month, and 521.4% since October 2023. Despite the rally, SOL is still down by 5.5% in the weekly charts. This price prediction article will discuss if the popular cryptocurrency can reclaim $160 this week.
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Factors Influencing Solana’s Price Movement
Why Is The Cryptocurrency Up Today?
Solana’s (SOL) rally follows the trend of market resurgence. Bitcoin (BTC) has reclaimed the $63,000 level after falling to the $60,000 mark last week. The inflows could be due to increasing investor sentiment after Friday’s positive US jobs data revelation.
October, a bullish month for the cryptocurrency sector, may have led to investors’ bullishness. SOL and other cryptocurrencies may be on the verge of another rally.
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Impact Of Federal Reserve’s Interest Rate Cuts
The Federal Reserve may also cut interest rates by another 25 basis points in November of this year, which may have boosted investor sentiment. Interest rate cuts usually lead to investors taking on more risks.
Solana Weekly Price Prediction
According to the analysts at CoinCodex, SOL will reclaim the $150 mark this week but will not hit the $160 level until at least Oct. 24, 2024. The platform anticipates SOL gaining momentum in the second half of this month, hitting a high of $170.11 on Oct. 29, 2024. Reaching $170.11 from current price levels will translate to a rally of about 16.23%.
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There is also a possibility that Solana (SOL) will face a correction over the next few weeks. The rising geopolitical tension in the Middle East may hamper investor confidence, leading to lower inflows into the crypto market.