Why is Solana (SOL) Price Up Today?
⚡️Solana (SOL) is experiencing a notable price surge, with the cryptocurrency targeting a close above $140 for the first time in September. This comes amid improving market conditions following recent economic developments. Over the past 24 hours, SOL’s price has rallied nearly 10%, rising from a low of $128 to $147, driven by optimism surrounding a key macroeconomic shift.
✅Fed Rate Cuts Boost Crypto Market
The recent surge in SOL’s price follows the U.S. Federal Reserve’s decision to cut interest rates by 50 basis points, lowering them to a range of 4.75%-5%. While this rate cut was largely anticipated, the broader crypto market, including Bitcoin, reacted positively. Federal Reserve Chair Jerome Powell’s dovish remarks further fueled optimism, as he highlighted that the U.S. economy continues to grow at a solid rate, with inflation declining and the labor market remaining strong.
✅ Correlation with Bitcoin Drives Solana’s Rally
⚡️Solana’s high correlation with #btc is another key factor behind its price rise. As Bitcoin and other major cryptocurrencies responded positively to the Fed’s decision, the momentum spilled over into the altcoin market, lifting SOL alongside other digital assets.$SOL
With favorable conditions now in place after the rate cut, traders are closely watching the $140 resistance level as SOL seeks to establish a higher breakout range, signaling potential further gains. The market sentiment suggests that if Solana can close above $140, it could see sustained upward momentum in the coming days.
