Solana (SOL) is rebounding from its recent dip. According to CoinGecko data, the asset has rallied 5.3% in the daily charts, 7.1% in the weekly charts, 15.8% in the 14-day charts, 29.9% in the monthly charts, and 6.5% since July 2024. SOL currently faces some resistance at the $188 level. The rebound has reignited hopes of Solana reclaiming the $200 mark next.
What’s Behind The Rallying? Can Solana Hit $200 Next?
SOL’s latest rally comes amid a market-wide rebound. Bitcoin (BTC) has reclaimed the $117,000 price level after its recent dip to $115,000. BTC’s reversal may have led to a market resurgence. The crypto market faced a correction over the last few days due to increased profit-taking and a dip in ETF inflows.
Solana (SOL) could reclaim the $200 mark over the next few days if it can breach past the $190 price level.
SOL is also down by nearly 36% from its all-time high of $293.31. The popular cryptocurrency hit its peak earlier this year in January. CoinCodex data suggests SOL may move in a sideways pattern over the next few days. The platform anticipates SOL to trade at $194.58 on Aug. 15. Hitting $194.58 from current price levels will entail a rally of about 3.38%.
Also Read: Bitcoin, BNB Have Hit All-Time Highs: Can Solana Follow?
SOL could face another correction over the next few days as market participants wait for the FOMC (Federal Open Market Committee) meeting minutes. Investors may take caution before taking positions. The Federal Reserve’s stance after the FOMC meeting may dictate how investors choose to move ahead. A hawkish stance could lead to a market dip. On the other hand, if the Federal Reserve decides to finally cut interest rates, SOL and the larger crypto market may see increased inflows as borrowing becomes easier. How the market performs over the coming days is yet to be seen.
