SOL Price Soars 30%: Bullish Breakout for Crypto Comeback

• Solana price has made a strong bullish comeback in the past few days
• The main driving force for this crypto rally is the feeling that the Federal Reserve is about to end its hiking cycle
• Render Network and Helium have decided to move to the Solana network

Solana Price Bullish Breakout

Solana price has recently made a strong bullish comeback as investors focus on the great return of cryptocurrencies. SOL jumped to a high of $22.60, which is the highest level since March 23. It has soared by over 30% from its lowest level in March.

Crypto Comeback Driven By Monetary Policy Change

The main driving force behind this crypto rally is the belief that the Federal Reserve will soon end its hiking cycle. Analysts expect that interest rates will be hiked by 25 basis points in May and then maintained at an elevated level for some time before starting to cut them later this year or in 2024. As a result, more people are turning back to riskier assets such as stocks and cryptocurrencies.

Upcoming Bank Earnings Season

Another reason why Solana and other cryptocurrencies have seen gains is due to expectations surrounding upcoming bank earnings season beginning Friday. It’s expected that many large banks like Bank of America and JP Morgan had good quarters with rising deposits, while regional banks may have suffered from struggles like Silicon Valley Bank’s collapse and Signature Bank’s downturn during the banking crisis where safe havens like gold and cryptos saw higher demand than usual.

Render Network & Helium Migrate To Solana

The most notable news related to Solana recently has been Render Network’s decision to migrate onto their platform, making them one of the top projects in this industry along with Helium’s blockchain broadband project also moving over as well. Additionally, DeFi value locked (TVL) on Solana has recovered from its year-to-date low of S11.8 million up to S14.1 million currently.

Price Prediction

Looking at the 4H chart shows that SOL price has been trending upwards over the past few days after breaking out above an important resistance point at $21.66, which was its highest since March 30th – meaning it’s still looking quite bullish going forward!