Solana SOL has been on the rise in the past 30 days, climbing as much as 36 % in that span. The cryptocurrency market is experiencing another rebound today, with Bitcoin (BTC) 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, and 1.3% in the 14-day charts.
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.
Additionally, the Solana Network is picking up steam, with network activity up in the past few weeks. The total value locked in the SOL network is up 25% in the past month alone. DEX volumes have nearly doubled as well, with Sanctum and Raydium seeing most of the action. Many experts suggest that if this momentum continues, more bullish signals will flash, perhaps sending SOL towards $200.
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Open interest in SOL futures recently climbed to 38.7 million contracts, now worth more than $5.8 billion and ranking third in the market. Solana meme coins are hot once again, and they are dripping that momentum into Solana’s native cryptocurrency as well. All of these factors play into the asset climbing to start May, and paint a bullish picture for the coin’s potential in the remainder of the month.
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. On the other hand, 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. Further, if Bitcoin continues its climb past $100,000 and towards its current ATH, Solana could follow suit.