Solana Price Soars 14% Amid Fed Rate Hike and Regulatory Support
The recent interest rate decision by the Federal Reserve and comments from its head have alleviated concerns about macroeconomic conditions, creating a favorable environment for the crypto market to rally.
Solana (SOL) has been one of the beneficiaries, surging by 14% in the past seven days following the rate hike. The cryptocurrency just broke out of a bull flag pattern and is poised to reach $149, according to analysts.
The Federal Reserve's decision was widely anticipated, but it still gave the market a solid foundation to build on. Additionally, the U.S. Securities and Exchange Commission (SEC) chairman expressed support for regulations that foster growth in the sector, further boosting sentiment.
On-chain data from Santiment shows a bullish crossover between daily active users (DAUs) and their 30-day moving average, which has historically preceded significant price movements. This indicator has accurately predicted strong upswings and downswings in the past, suggesting that Solana is on the cusp of a major price increase.