Solana price is up 6% on Friday amid calls to sustain the uptrend eyeing a breach of the $200 resistance before August. Trading has been volatile this week following the debut of Ethereum ETFs’ trading in the US.
After retesting support at $165, SOL instantly changed direction tackling resistance at $170 before moving up to exchange at $178 during US business hours.
Various factors are expected to affect Solana’s movements including the futures market open interest as it recovers from a drastic drop earlier in the month.
Inflation is another key factor traders must keep an eye on, especially with the last few months hinting a consistent downtrend.
This has also prompted alls for the first rate cut. However, the Federal Reserve appears hawkish, possibly looking for further trend confirmation in the quest to achieve the 2% inflation goal.
