Solana Price Rallies After Initial Dip, Eyes $130 Target

Solana's price rebounded by nearly 6% over the past 24 hours, reaching $106 on Friday. The token had initially fallen to around $96 after Federal Reserve Chair Kevin Warsh delivered hawkish comments, emphasizing the central bank's commitment to controlling inflation.

The recovery came as Solana continued to gain adoption, with several developments adding to activity around the network. Galaxy, a Nasdaq-listed firm with over $7B in assets under management and stake, announced it now curates two lending vaults on Kamino, one in USDC and one in USDT.

Additionally, Injective's INJ token went live on Solana, and Project Harmonia linked Allfunds' distribution network to tokenized funds built on the network. SEC Chair Paul Atkins also commented that the agency would act within its existing authority to provide certainty for investors and technology entrepreneurs.

While the Federal Reserve raised interest rates earlier this week, investors had widely anticipated the increase, which helped limit Solana's initial decline and supported the subsequent rebound. However, additional tightening could strengthen the US dollar and reduce liquidity available for speculative assets.