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The broader crypto market has seen its value grow by 3.6%. Solana leads the push among high market-cap cryptocurrencies after registering a 10.2% uptick in the last 24 hours.
Data shows that, at last check, Solana was priced at $158.25. It spent the previous day oscillating between a low of $142.78 and a high of $158.58.
The uptick in Solana’s price was accompanied by a 24-hour trading volume of $4 billion, with more than 19 million SOL tokens changing hands. This made SOL the third most traded cryptocurrency in the last 24 hours, after Bitcoin and Ethereum.
Bitcoin’s price moved up more than 5% to $64,164, while Ethereum jumped 6.61% to $2,771, moving it closer to the $3,000 level.
Solana’s spike came on the heels of U.S. Federal Reserve Chair Jerome Powell hinting at the likelihood of an interest rate cut in September. Powell’s promise to adjust Fed policies to protect the American job market and ensure a smooth economic transition seemed to have calmed jitters in the market.
Recently, crypto watcher Ali Martinez suggested that SOL may be on the cusp of forming an Adam and Eve pattern. This pattern could potentially push SOL to $164, which would kickstart the cryptocurrency’s march to $220.
#Solana might be shaping up for an Adam & Eve pattern, suggesting a potential rise to $164. If $SOL clears that resistance, we could see a 33% surge toward $220!
Currently, that resistance level is only $9 away, and the market’s direction in the coming days remains uncertain.
While SOL was the best performer among the top 10 biggest cryptocurrencies, other lower capped coins such as SATS, dogwifhat, Bonk, and Pepe did much better.
In the last 24 hours, the value of SATS has gone up 28%, while WIF and BONK surged by 20.8% and 14.4% respectively.
For more updates and detailed analyses, stay tuned to Global Crypto News.
