- At present the price of Solana (SOL) has taken a hit and is now down 7.02% in the last 24 hours.
- If the price falls below $121 level, then it will likely retest the $114 support level.
As the US Federal Open Market Committee (FOMC) prepares for its crucial meeting on March 19, 2025, investors are keeping a close watch on Bitcoin and the digital asset market in general. It is widely believed that the US Federal Reserve will maintain the current interest rate structure.
A lot of ups and downs in the price of cryptocurrencies are anticipated to happen before the FOMC meeting. As it will provide investors more information regarding the Fed’s monetary policies for 2025. However, at present the price of Solana (SOL) has taken a hit and is down 7.02% in the last 24 hours, trading at $126.78.
Despite a dramatic increase in the number of assets bridged to the Solana ecosystem, this remains the case. Solana received tokens valued at $314 million over the last 30 days by the Ethereum network, according to the most recent statistics.
With a volume that outstrips the entire assets transferred to Ethereum’s layer 2 projects. This figure establishes a new record for Solana. The assets will likely boost user engagement, which in turn increases SOL’s total value locked (TVL) and liquidity.
At the time of writing, SOL is trading at $126.78, down 7.02% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 33.60%. The price of SOL is down by a whopping 37% in the last 30 days as bears continue to dominate.
If the price manages to go past the $131 mark, then it will likely retest $136 resistance level. Breaking above this level will likely see price testing $153 level. However, if the bears continue the rampage, and the price falls below $121 level, then it will likely retest the $114 support level. All eyes will be on the upcoming FOMC meeting, as high volatility in the crypto market is anticipated.
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