The cryptocurrency market is experiencing another rebound today. Bitcoin (BTC) is inching closer to the $100,000 mark once again. The global crypto market cap has risen 0.9% in the last 24 hours to $3.17 trillion. Solana (SOL) also follows the market uptrend. The asset has rallied 3% in the daily charts, 0.9% in the weekly charts, 1.3% in the 14-day charts, and 36.1% over the previous month.
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Cryptocurrencies Surge Amid New Arizona Bill
The latest market rally comes amid the Arizona Governor signing a Bitcoin reserve fund bill into law. The move comes as a relief to crypto investors and advocates, especially given that Florida withdrew two crypto bills from the table. SOL and other crypto assets may have benefited from the development.
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BTC is currently facing resistance at the $99,000 mark. SOL, on the other hand, currently faces resistance at the $150 level. SOL could experience a breakout if BTC reclaims the $100,000 level.
Can Solana Hit $200 Next?
According to CoinCodex analysts, Solana (SOL) could enter a sideways trajectory over the coming weeks. The platform anticipates the asset’s price to dip to $136.18 on May 24. SOL’s price will face a 9.45% correction if it falls to $136.18.
There is also a possibility that SOL will not face a correction as predicted by CoinCodex. There is a chance that the Federal Reserve will cut interest rates soon. A rate cut could lead to a surge in risky investments as borrowing becomes easier.
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SOL could also experience a rally if BTC continues its upward momentum. The original crypto is 9% away from its all-time high of $108,786. There is a chance that BTC will hit a new all-time high if it reclaims the $100,000 mark.