Solana (SOL) is currently the best-performing cryptocurrency among the top 20 projects by market cap in the weekly charts. According to CoinGecko data, SOL’s price has rallied by 2.4% in the daily charts, 8/1% in the weekly charts, 13.3% in the 14-day charts, 26.3% over the previous month, and 56/2% since September 2024. The latest rally has led Solana (SOL) to reclaim the $200 mark, currently trading at $203.26.
Why Is The Market Up Today?
The cryptocurrency market seems to be recovering from its recent pullback. Bitcoin (BTC) has reclaimed the $110,000 mark after briefly falling to the $107,000 price level. The global crypto market cap has hit $3.89 trillion. Solana (SOL) also followed the downtrend, falling below $190 in late August.
Solana’s (SOL) latest rally beyond the $200 mark could be due to President Trump-backed World Liberty Financial launching its USD1 stablecoin on the Solana network. The project’s connection to the White House may have boosted SOL investors’ sentiment.
The market resurgence could also be due to the high probability of an interest rate in September. The anticipation of a rate cut may have led investors to boost risky investments.
How High Will Solana Go Beyond $200?
CoinCodex analysts anticipate Solana (SOL) to continue its rally over the coming months. The platform predicts SOL to hit $233.51 on Nov. 12. Hitting $233.51 from current price levels will result in a near 15% rally.
If the Federal Reserve cuts interest rates sometime this month, Solana (SOL) could hit the $233 mark much sooner than anticipated. SOL’s price is currently down by more than 30% from its all-time high of $293.31. Breaching the $233 mark could lead SOL to hit a new all-time high.
Also Read: Solana SOL to $300? How Bitcoin Rebound can Spark a SOL Rally
However, September has historically been a bearish month for the crypto market. There is a possibility that Solana (SOL) will instead face a correction over the coming days.