Solana (Sol) is currently one of the most performant cryptocurrencies in the top 100 projects by market capitalization. This asset surpasses Bitcoin (BTC), Ethereum (ETH) and XRP, particularly on daily and weekly charts. According to data from Coingecko, Solana (SOL) has seen rallies of 7%, 16.4% over the past 24 hours, 11.3% on the 14-day chart and 21.1% the previous month.
Will Solana be able to continue the rally until the new $300 peak?
Solana (Sol) has performed incredible times over the last few years. The price of the asset fell below $9 after the collapse of FTX in 2022. Solana (Sol) reached its recent peak at $293.31 on January 19th of this year. If Sol recovers its January peak, it is highly likely that the assets will break the $300 mark.
Analysts at CONCODEX expect Solana (SOL) to move in a horizontal pattern over the coming weeks. The platform predicts Sol will rise to $262.26 on November 23, but does not expect it to reach a new all-time high anytime soon. If you hit $262.26 from the current price level, you'll need a 10% meeting.
Other factors could help Solana (SOL) attempts to crack a price level of $300. It is highly likely that interest rates will be cut later this month. Cooling inflation numbers further increased the possibility of US interest rate reductions. Rate reductions can lead to a surge in risky investments. The crypto market could benefit under these conditions.
Also, there is a higher chance that you will get a spot for Solana (Sol) ETF this year. The approval of ETFs from the SEC will likely lead to a surge in institutional influx. Such developments also greatly help Solana (SOL) prices.
Also Read: Sol Strategy will become the first Solana Treasury to list on the Nasdaq
Both interest rate reductions and ETF approvals can boost investors' confidence in Solana (SOL). Both developments can even push the price of Sol over $300.
