The cryptocurrency market is making another upward reversal. Bitcoin (BTC) has recovered a price level of $87,000. Global crypto market capitalization has risen 1.4% to $2.84 trillion in the past 24 hours. Solana (SOL) is also following current market trends. The asset achieved 1.8% on the daily chart, 4.4% on the weekly chart, 38.7% on the 14-day chart and 6.8% on the previous month. Despite the rally, Sol prices have fallen 8.2% since April 2024.
Cryptocurrency recovers in a USD dip
The cryptocurrency market is rising sharply, but the US dollar is facing a dip. The dollar’s DXY index fell to 98.30 today. DXY fell to its lowest price in almost three years today. Meanwhile, SOL and other cryptocurrencies have recovered significantly.
Apart from cryptocurrency, gold has also grown significantly. The yellow metal reached an all-time high of $3,400 in the first half of today.
Solana price forecast
Sol hit a record high of $293.31 on January 19th. Since its January high, the asset price has fallen 52.6%.
According to Concodex, Solana (Sol) could meet over the next few days. The platform expects assets to reach $145.19 on April 25th. If the $145.19 target is reached, Sol’s price will rise by 4.3%. Despite the short-term bullish outlook, Concodex doesn’t expect Sol to price more than $140. The platform expects to be revised up to $135 by the end of May.
It could also be that the cryptocurrency market face another obstacle. Sol’s prices will not rise as predicted by Cincodex. President Trump suspended tariffs for 90 days, but the tariffs are not completely out of the picture. Macroeconomic headwinds could present challenges to the cryptocurrency market.
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