Solana Crypto Price News: Altcoins were bleeding on Monday as Bitcoin price touched the new nine month high. The new price action momentum comes after the emergency merger deal between Credit Suisse and UBS Group. The crypto market continued its rally as the banking crisis spread its contagion effects for the third consecutive week. Meanwhile, top altcoin Solana (SOL) is displaying peculiar behavior in terms of daily trading patterns. Is it a sign of growing momentum for upcoming buying demand for the token?
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Ahead of the crucial Federal Open Market Committee (FOMC) meeting, the crypto market is showing little signs of correction in the wake of aggressive price rise last week. Also, the prospect of a 25 bps interest rate hike on the expected lines could be an even more bullish factor for Bitcoin as well as altcoins. The next big milestone could be BTC breaking the $30,000 psychological barrier after the Fed meeting.
Solana Rally Ahead?
While the altcoin market is showing signs of retracing even as Bitcoin remains on the upward curve, Solana’s daily trading volume is abnormally high with a 142% rise compared to 24 hours ago. Hence, is it enough reason to believe that a SOL price rally is incoming? It remains to be seen if this trend continues beyond the FOMC meeting on March 22, 2023. Yet, another spell of bank crisis led crypto rally can not be ruled out the share price First Republic Bank continues to weaken.
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The post Solana Price: Major Underlying Trend To Trigger Rally? appeared first on CoinGape.