Solana (SOL) is following the market-wide reversal, reclaiming the $70 price level after its recent dip to $60. CoinGecko data shows that SOL’s price has risen by 4.6% in the last 24 hours and 8.5% over the previous week. Despite the recovery, SOL is still down by nearly 20% in the monthly charts. Let’s discuss what pushing Solana’s (SOL) price and if the asset could finally turn bullish.

Can Solana Continue Rallying Past $70?

Solana’s (SOL) latest upswing comes in tandem with Bitcoin (BTC) reclaiming the $65,000 mark. The cryptocurrency market is experiencing rejuvenated inflows after a peace deal was announced between the US and Iran. The deal is set to be signed on Friday, June 19, 2026. President Trump stated that the Strait Of Hormuz has been opened without any tolls. The move has already caused a dip in oil prices. If oil prices remain low, inflation could cool off. Such a development may lead to lower interest rates. High-risk assets, such as Solana (SOL) and other cryptocurrencies could benefit from lower rates.

There are still some risks you should be aware of. The peace deal, although announced, is yet to be signed. If the deal fails to go through, Solana (SOL) may see another price correction.

Secondly, there has been a liquidity drain which many attribute to the recent SpaceX IPO (initial public offering). We still have the Anthropic and OpenAI IPOs later this year. Liquidity may remain out of the cryptocurrency market for a prolonged period. AI stocks seem have eaten up substantial capital in the last few months, a trend that has been gaining steam for a few years now.

Also Read: Mark Cuban Advised People To Get Rich in Bitcoin, Then Took a U-Turn

Thirdly, the crypto market is still quite volatile. Solana (SOL) may have registered some healthy gains today, but the larger market is still in bear territory. Prices could swing in any direction at any point.