Solana leads the push among high market-cap cryptocurrencies with a 10.2% uptick in the last 24 hours. This surge comes amid a broader crypto market growth of 3.6%.
The coin’s price increase was supported by a 24-hour trading volume of $4 billion, with over 19 million SOL tokens changing hands. SOL is now the third most traded cryptocurrency in this period, following Bitcoin and Ethereum.
Bitcoin (BTC) saw a 5% increase, reaching $64,164, while Ethereum (ETH) rose by 6.61% to $2,771, nearing the $3,000 mark.
Solana’s spike followed U.S. Federal Reserve Chair Jerome Powell’s hint of a potential interest rate cut in September. Powell’s commitment to adjusting Fed policies to safeguard the American job market and ensure a smooth economic transition after the upcoming presidential elections in November eased market jitters.
Crypto analyst Ali Martinez indicated that SOL might form an “Adam and Eve” pattern, potentially pushing its price to $164, and even reaching $220 if this resistance is surpassed.
Currently, SOL’s resistance level is $9 away, making the market’s direction unpredictable in the coming days.
While SOL outperformed among the top 10 biggest cryptocurrencies, lower market cap coins such as SATS (Ordinals), dogwifhat (WIF), Bonk (BONK), and Pepe (PEPE) performed even better. SATS surged by 28%, WIF increased by 20.8%, and BONK rose 14.4% in the last 24 hours.
