BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BREAKING NEWS

Solana Jumps 10% Following Federal Reserve Rate Cut, Eyes $140 Breakout

by Matoy
September 19, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 2 mins read
A A
2
SHARES
25
VIEWS
Share on XShare in TelegramShare on Reddit
  • Solana’s price surged 10% after the US Federal Reserve cut interest rates by 50 basis points.
  • Solana’s strong price correlation with Bitcoin continues to boost its position in the altcoin market.
  • Funding rate spikes suggest increased interest from futures traders, supporting a potential price move to $160.

Solana (SOL) saw a strong rally of nearly 10% in the last 24 hours, recovering from a low of $128. The price increase follows the US Federal Reserve’s decision to cut interest rates by 50 basis points, bringing them down to a range of 4.75%-5%. The broader crypto market, including Solana, reacted positively after Federal Reserve Chair Jerome Powell’s speech, which signaled confidence in economic growth and falling inflation.

SOL Eyes $140 Resistance After Rally

While the rate cut was widely anticipated, Powell’s comments on the strength of the economy boosted market sentiment. He remarked, “You see growth at a solid rate, inflation coming down, and a labor market that remains strong.” Solana, which has shown a high price correlation with Bitcoin (BTC), benefited from this broader market optimism. According to data, Solana and Bitcoin’s 90-day rolling correlation index stands at 0.74, indicating that when Bitcoin rises, Solana often follows.

Futures Traders Bet on Solana’s Upside

Another factor supporting Solana’s surge is increased activity in its futures market. The SOL funding rate, which measures the cost of holding long positions in futures contracts, reached a two-month high, reflecting traders’ growing interest in betting on Solana’s price rising further. A similar spike in July 2024 saw SOL’s price climb from $134 to $193.

Despite multiple tests of the $127 support level, Solana has remained resilient. Now, with the current positive momentum, traders are watching closely for a breakout above the $140 resistance level. If SOL successfully surpasses $140, the next target could be $160, marking a potential 16% gain.

Tags: Solana
Tweet1ShareShare
Previous Post

Donald Trump States the Fed’s 50 BPS Rate Cut Signals a Weak Economy

Next Post

Crypto is Pumping Today and Here is Why

DON'T MISS THESE! HOT OFF THE PRESS

Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules
CRYPTO

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Connecticut Bans Bitcoin and Crypto for Government Funds
BITCOIN

Connecticut Bans Bitcoin and Crypto for Government Funds

July 1, 2025
Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme
CRYPTO

Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme

July 1, 2025
FARTCOIN Surges 148%—Is the Meme Just the Beginning?
CRYPTO

FARTCOIN Surges 148%—Is the Meme Just the Beginning?

July 1, 2025
Load More

Related News

Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.