The cryptocurrency market seems to be making a recovery. Bitcoin (BTC) briefly reclaimed the $86,000 mark. The global crypto market cap has risen to $2.79 trillion after its recent plummet to $2.5 trillion. Solana (SOL) also follows the market uptrend. The asset has gained 18.6% in the previous week and 4.1% in the 14-day charts. Despite the turnaround, SOL’s price is still down by 1.1% in the daily charts, 2.9% in the monthly charts, and 13.8% since mid-April 2024.
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Another Bullish Leg For The Cryptocurrency Market?
The crypto market turned green after President Trump said he would pause tariffs for 90 days, except for those imposed on China. The tariff pause may have boosted investor confidence. Solana (SOL) and other crypto assets began to rally soon after the announcement.
There are other bullish factors influencing the market as well. The US Senate has approved Paul Atkins as the new SEC chair. Many are hopeful Atkins will be more lenient to the crypto industry as compared to Gary Gensler.
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SOL’s rally also comes after inflation in the US came in lower than expected. The Fed may announce an interest rate cut very soon. The move could lead to a surge in risky investments.
Can Solana Hit $150 Next?
According to CoinCodex, Solana (SOL) may rally over the coming weeks. The platform anticipates the asset to hit $144.87 on May 14. SOL’s price will rally by 10.55% if it hits the $144.87 target. CoinCodex does not expect SOL’s price to hold above $140. The platform predicts a correction soon after SOL hits $144.87. According to CoinCodex’s analysis, SOL could fall to $126.78 on May 20.
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