The cryptocurrency market is finally showing some signs of a recovery. Bitcoin (BTC) has reclaimed the $69,000 price level and other assets are following its trajectory. Solana (SOL) is also enjoying the market-wide resurgence, hitting $86 after months of struggle. CoinGecko data shows that SOL’s price rallied by nearly 12% in the last 24 hours,16.4% in the 14-day charts, and 9.5% in the yearly charts. Despite the rally, SOL is still down by more than 50% in the last year and 70% from its all-time high of $293.31. Let’s discuss if Solana (SOL) can sustain its price rally and hit the $100 mark next.

Can Solana Sustain Its Price Rally And Hit $100?

Solana’s (SOL) latest upswing comes amid a larger market-wide rebound. The rally is due to President Trump hosting CEOs of several cryptocurrency platforms and companies. The President said that the US plans on buying substantial amounts of Bitcoin (BTC) and other cryptocurrencies. The statement may have elevated investor sentiment. Solana (SOL) is simply following Bitcoin’s (BTC) trajectory.

Also Read: President Trump: US Considers Buying “Sizable” Amount of Bitcoin

Solana (SOL) last traded above the $100 mark in February of this year. If the current trend continues, there is a chance that SOL could reclaim the $100 price level once again. However, there are some challenges. The cryptocurrency market is already showing signs of slowing down. Bitcoin (BTC) is struggling to go beyond the $70,000 level and Solana (SOL) seems to be facing substantial resistance at around current price levels. We could see prices enter a sideways trajectory from here.

There is also a chance that Solana (SOL) will face a price correction soon. The latest rally is triggered by President Trump’s comments on the US potentially stocking up on cryptocurrencies. If the plan does not go through, the market could see a big dip. SOL’s price could fall to the $62-$63 price level under such circumstances.