Solana’s (SOL) price has jumped by 4.50% in the past 24 hours, hitting $158.65 on September 27. This rally comes on the back of a bullish report from VanEck, which predicts SOL could rise to $330. The report highlights Solana’s superior transaction speeds and lower costs compared to Ethereum, projecting it could capture 50% of Ethereum’s market share. Solana boasts 1,300% more daily active users than Ethereum, with transaction fees up to 5 million times cheaper, making it a prime choice for high-volume transactions in areas like payments and remittances.
Solana (SOL) Price Surges Amid Bullish Forecasts and Looser Monetary Policies
Global Interest Rate Cuts Boost Crypto Sentiment
The broader cryptocurrency market is benefiting from loosening global monetary policies, which have created favorable conditions for risk-on assets like Solana. Central banks, including the US Federal Reserve, the European Central Bank, and the People’s Bank of China, have lowered interest rates to stimulate slowing economies. The reduced borrowing costs and improved liquidity are encouraging investors to seek higher returns in riskier markets, pushing Solana and other cryptocurrencies higher.
Solana Breaks Key Resistance Levels
Solana’s recent rally is also linked to technical movements, breaking a key resistance trendline on September 26. After bottoming out between $113 and $125 earlier in the month, SOL bounced back strongly from this “accumulation area,” showing continued buyer interest. Solana is now aiming to hold above the $155.70 level, with further resistance at $165.23 and $174.75 according to Fibonacci retracement levels.
Solana’s Transactions per second metrics. Source: Solana Compass.
This combination of bullish sentiment, strong technicals, and favorable market conditions has driven Solana’s price upward, with investors closely watching its next move.
