- Solana crypto price has been in a strong bullish rally recently.
- It has surged by almost 500% from the lowest point in December.
- The BreakingPoint event and the Fed are big catalysts for the coin.
Solana (SOL) price continued its remarkable rally as investors watched the Federal Reserve decision and the ongoing BreakingPoint event. The SOL token soared to a high of $46.97, the highest point since August 2022. It has surged by almost 500% from the lowest point in December, making it the best-performing big cryptocurrency.
BreakingPoint event and the Federal Reserve
Solana price joined other cryptocurrencies in a strong rally after the Federal Reserve decision. The bank decided to leave interest rates unchanged between 5.25% and 5.50%, the highest point since 2001.
In the accompanying statement and press conference, Jerome Powell left the door open for another hike in December. That increase will depend on the next jobs and consumer inflation numbers. Investors believe that the Fed is done hiking, which is a bullish sign for both stocks and cryptocurrencies.
Solana price also surged as the BreakingPoint event continued in Amsterdam. This is an important event that brings together the biggest players in Solana’s ecosystem. In most cases, cryptocurrencies tend to rise when there are such big events because of the announcements that happen.
There were several announcements. For example, Audius, the Spotify competitor, introduced a new way for artists to earn money. They can now set their prices, sell their music, and earn instantly in the platform.
The other big announcement was that Solana integrated Google Cloud’s BigQuery integration. This means that developers can access historical Solana data by following a few steps. This is a notable development since Google Cloud is one of the biggest cloud computing company in the world.
Meanwhile, Solana’s price has jumped as the Sam Bankman-Fried (SBF) trial comes to an end. The lawyers will make their final arguments, leaving the floor open for the jury to make its verdict.
SBF’s trial was important for Solana because FTX and Alameda (FTX Estate) was one of the biggest holders of SOL tokens. Recently, the estate decided to stake the coins instead of selling them.
Solana price forecast
The daily chart shows that the SOL coin has been in a remarkable rally in the past few months. The token managed to move above the key resistance point at $32.23 this week. This was a notable level since it was the highest point in July this year.
SOL price has moved above the 50-day and 100-day Exponential Moving Averages (EMA) while the Relative Strength Index (RSI) has moved to 80. The RSI movement suggests that Solana has momentum.
Therefore, the outlook for the coin is bullish, with the next resistance level to watch being the psychological level at $60.
