Solana outpaces Bitcoin, Ethereum; broader market gains 3.6%
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The broader crypto market has seen its value grow by 3.6%. Solana leads the push among high market-cap cryptocurrencies after registering a 10.2% uptick in the last 24 hours.
Data from crypto.news shows that, at last check, Solana (SOL) was priced at $158.25. It spent the previous day oscillating between a low of $142.78 and a high of $158.58.
The uptick in the coin’s price was accompanied by a 24-hour trading volume of $4 billion occasioned by more than 19 million SOL tokens changing hands.
The amount made SOL the third most traded cryptocurrency in the last 24 hours, after Bitcoin (BTC) and Ethereum (ETH).
Like their top five counterpart, the two largest digital assets by market capitalization also registered green arrows, with BTC’s price moving up more than 5% to $64,164, and ETH jumping 6.61% to $2,771, moving it ever closer to the $3,000 level.
Solana’s spike came on the heels of U.S. Federal Reserve Chair Jerome Powell hinting at the likelihood of an interest rate cut in September.
Powell’s promise to adjust Fed policies to protect the American job market from further loss and to ensure a smooth economic transition after the upcoming U.S. presidential elections in November, seemed to have calmed jitters in the market.
Recently, crypto watcher Ali Martinez suggested that SOL may be on the cusp of forming what’s known as an Adam and Eve pattern. That pattern could potentially push SOL to $164, he says. That would kickstart the cryptocurrency’s march to $220.
Currently, that resistance level is only $9 away, and there’s no telling which way the market could go in the coming days.
