The overall cryptocurrency market has seen its value rise by 3.6%. Solana leads the momentum among high-cap cryptocurrencies after recording a 10.2% rally in the past 24 hours.
Data from crypto.news shows that at last check, Solana (SOL) was trading at $158.25. The day before, it had ranged between a low of $142.78 and a high of $158.58.
The surge in the coin’s price was accompanied by a 24-hour trading volume of $4 billion caused by more than 19 million SOL tokens changing hands.
The amount made SOL the third most traded cryptocurrency in the past 24 hours, after bitcoin (btc) and ethereum (eth).
Much like their top five counterparts, the two largest digital assets by market cap also registered green arrows, with btc price rising over 5% to $64,164, and eth jumping 6.61% to $2,771, bringing it ever closer to the $3,000 level.
Solana's surge came shortly after U.S. Federal Reserve Chairman Jerome Powell hinted at the likelihood of an interest rate cut in September.
Powell's pledge to tighten Fed policy to protect the US labor market from further losses and ensure a smooth economic transition after the upcoming US presidential election in November appeared to have calmed market jitters.
Recently, cryptocurrency observer Ali Martinez suggested that SOL could be on the cusp of forming what is known as an Adam and Eve pattern. That pattern could potentially propel SOL to $164, he says. That would propel the cryptocurrency’s march to $220.
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Currently, that resistance level is just $9 away and there is no telling which direction the market might take in the coming days.
While SOL was the best-performing coin among the top 10 cryptocurrencies, other lower-cap coins such as SATS (Ordinals), dogwifhat (WIF), Bonk (BONK), and Pepe (PEPE) fared better.
In the past 24 hours, the value of SATS has increased by 28%, while WIF and BONK have increased by 20.8% and 14.4% respectively.
