Solana Price Breaks $100 Milestone
The price of Solana (SOL) surpassed $100 on January 30, indicating positive sentiment and rising volumes in the decentralized finance (defi) market. However, Fed Chief Jerome Powell’s statement about postponing rate cuts caused a dip in crypto prices just 48 hours later.
Solana Price Falls on Powell’s Statements
Powell’s statement triggered a significant pullback across the crypto markets. Solana experienced a 12.5% dip from its peak of $106 to a low of $93.7 on February 1, exceeding the average altcoin market decline by over 7%.
Solana Defi Market Share Rises
Despite the price drop, Solana’s dominance in the defi sector increased from 16.5% to 26.9% between December 31 and January 31. The trading volume on the Solana network has also seen a significant uptrend, surpassing Arbitrum and Ethereum.
Positive Speculations Surrounding Jupiter Airdrop
Speculation surrounding the upcoming Jupiter (JUP) token airdrop is likely to contribute to increased defi activity on Solana. This could potentially lead to a breakout in SOL price towards $120.
SOL Price Forecast: Bulls Target $120
The rising defi volumes and the upcoming Jupiter airdrop are expected to drive SOL’s price higher in February. The Bollinger band indicator suggests bullish momentum for SOL, with potential resistance at $103 and a retest of $120 if broken.
Hot Take: Solana Poised for Recovery and Potential Breakout
The recent dip in Solana’s price presents an opportunity for investors as the market sentiment shifts. With increasing defi volumes and positive speculations, SOL could experience a rebound and reach new highs in the near future.
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