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Solana Price: Investors Seem Jittery as Focus Shifts to Fed Minutes

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Solana price has been on a downward trend for two consecutive days as investors shift their focus to FOMC meeting minutes. SOL has slipped by more than 7% in the past 24 hours, while its total market cap declined by 7.37%. The total volume of the altcoin traded over the last day has inched more than 14% lower. At the time of writing, Solana was trading 4% lower at $23.97.

SOL Outlook

Solana has been among the best-performing cryptocurrencies since the beginning of the new year. The altcoin has climbed 140.82% in the year to date as it quickly works on recovering from the collapse of FTX and as developers keep building on it.

Available market data shows that Solana has been outperforming most digital assets this year amid a wider market recovery. The digital asset currently ranks as the 11th largest cryptocurrency by market capitalization, above Polkadot but below the meme-inspired crypto Dogecoin.

While Solana has already recovered a staggering 180% from its late-2022 lows, the altcoin remains about 90% below its 2021 highs. The FTX collapse late last year triggered a massive outflow of capital from Solana’s Decentralized Finance ecosystem. The collapse may still be significantly weighing on the Solana price despite the strong recovery.

The overall cryptocurrency market has cooled its recent rally amid growing macro headwinds such as the Fed’s meeting minutes. The market has been in jitters amid rumors from Fed policymakers about a possible return to 50% interest rate hikes. Increased interest rates are usually bad for riskier assets like cryptocurrencies.

Statistics by Coinmarketcap show that the global crypto market cap has decreased by 3.17% over the last day to $1.09 trillion. On the other hand, the total crypto market volume has increased by 11% over the past 24 hours.

Therefore, the looming macro headwinds could bring a sense of uncertainty in the crypto market, prompting traders to be cautious. As such, the Solana price might struggle to find direction.

Solana Price Analysis

The 4-hour chart shows that the Solana price has been on a downward trend for the past two days as markets focus on the FOMC minutes. The altcoin is trading below and slightly above the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has slipped slightly below the overbought zone.

Therefore, the SOL price is likely to pull back further in the short term before staging a correction. If this happens, the price might drop to find support at $22.20 before moving higher. The next resistance level to watch will be $26.80.

Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

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BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD)  on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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