Solana Stalls at $100 Amid Market Correction Fears
Solana (SOL) has found some stability at the $100 price level after its recent dip from $109. Over the last month, SOL has rallied nearly 37% according to CoinGecko data.
The cryptocurrency was one of the hardest hit by the FTX collapse in 2022, falling to below $10. However, Solana has made a strong recovery since then, hitting multiple all-time highs and reaching its most recent peak of $293.31 - a 65.6% decline from its current price.
The recent upswing in Solana's price is attributed to Bitcoin reclaiming the $80,000 price level, triggering a market-wide rally. President Trump's statement at a White House event that the US plans on purchasing a large amount of Bitcoin and other cryptocurrencies likely boosted investor confidence.
However, experts warn that the cryptocurrency market may face a correction soon. With Federal Reserve Chair Kevin Warsh delivering a hawkish speech at the Jackson Hole meeting, an interest rate hike this year is possible, which could lead to Solana's price dipping below $100 and potentially reaching $70.