Breaking Resistance Is Key For Solana Price Rise To $220
Solana (SOL), the fifth biggest cryptocurrency by market value, has been recovering like Bitcoin (BTC) in recent weeks.
Friday's price increase follows encouraging macroeconomic news from the US Federal Reserve (Fed), which have boosted the cryptocurrency industry.
Up 7% Weekly Amid Economic News
SOL has risen about 4% in the previous 24 hours and 7% in the last week. This bounce comes after SOL fell below $110 on August 5, after market turmoil caused by bad economic data.
Following Fed Chair Jerome Powell's remarks, the economy has improved.
Powell indicated that the central bank may lower rates in September in a speech today. Powell stressed the Fed's willingness to alter policies to protect the labor market and enable a smooth economic transition, but he did not specify the amount of this adjustment.
Powell said, âThe time has come for policy to adjust,â at the Kansas City Fed's annual conference in Jackson Hole, Wyoming. He stressed that facts, economic predictions, and risk assessments will determine rate decreases' timing and extent.
Solana Price Forecast
Bitcoin soared to $63,000 after Powell's comments. Ethereum (ETH) rose 4.4% to $2,730, a figure not seen since July.
Additionally, crypto researcher Ali Martinez has observed that Solana may be building an Adam & Eve pattern, suggesting a spike to $164 if SOL breaks this resistance level.
A breakthrough might lead to a 33% gain to $220. If this prediction comes true, SOL's price would fall just short of its historical high of $259 from the 2021 bull run, which peaked in November.
The projected increase would push SOL far over its five-month-old yearly high of $210. In the short term, SOL must break the $151 barrier wall that has held the token back since August 11.
If the price breaks this level, the token might retest and consolidate above its next significant barrier at $161.
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