Why is $SOL price up today? - Cointelegraph Analytics
Solana (SOL) is seeing a significant price increase, aiming to close above $140 for the first time in September after recent rate cuts expected to energize the crypto market. Over the past 24 hours, SOL has risen nearly 10% from a low of $128, following the U.S. Federal Reserve's announcement of a 50 basis point cut, lowering rates to 4.75%-5%.
The market responded positively to this cut, supported by Jerome Powell’s dovish comments, even with solid economic growth.
SOL continues to find support at $127, a key level that has held since April. Following the rate cut, traders view this as a potential bottom, with the price targeting a breakout above $140.
Currently, SOL is attempting to break above the 200-day EMA on both the 4-hour and daily charts. If SOL can exceed $140 soon, the next price target could be $160, indicating a possible 16% gain.
