According to Cointelegraph, Solana (SOL) prices have risen by about 10% in the past 24 hours to $158.85. This increase is related to the fact that Federal Reserve Chairman Powell hinted that the anti-inflation efforts were successful and interest rate cuts may be possible.
As of Aug. 24, bond traders saw a 76% chance of a 25 basis point rate cut in September, compared with 64% before Powellâs Jackson Hole speech. Meanwhile, the probability of a 50 basis point cut in September was 24%.
Powellâs dovish comments have caused Treasury yields to fall, prompting investors to turn to non-yielding assets such as stocks and cryptocurrencies. Solana and the entire crypto market have reacted to this in the past 24 hours.
Solanaâs price rise was also accompanied by a rise in open interest and funding rates in the futures market. According to Coinglass data, SOLâs open interest was $2.19 billion on August 24, up from $2.09 billion the day before, and the funding rate rose from 0.0028% to 0.0054%.
These indicators suggest that traders are optimistic that Solanaâs price will continue to rise, likely driven by expected rate cuts. SOLâs current rally is part of a broader rally within its symmetrical triangle pattern, with a target price of $175.
A breakout above the upper trendline of the symmetrical triangle, accompanied by increasing volumes, projects the price to reach $325 by the end of 2024, which would represent an increase of more than 100% from current levels.
