Solana Faces Resistance At $109: Where Will SOL Go Next?

Solana (SOL) breached the $100 price level after months of struggle. SOL’s price is currently following Bitcoin (BTC). BTC’s ascent to the $80,000 price level pulled the larger cryptocurrency market. BTC’s price has since fallen to the $77,000 price level, and SOL is also displaying a similar correction trend. CoinGecko data shows that SOL’s price has fallen by 3.4% in the last 24 hours, but has rallied by 34.4% in the 14-day charts and more than 39% in the monthly charts. Solana’s (SOL) price is currently facing resistance at around $109. Let’s discuss where the asset could go next.

Solana’s Price Facing Strong Resistance: Where To Next?

Solana’s (SOL) recent rally came after two specific events. Firstly, President Donald Trump hosted a cryptocurrency event at the White House. During the event, Trump stated that the US plans on purchasing a large amount of Bitcoin (BTC) and other cryptocurrencies. The statement may have elevated investor sentiment.

Another event that may have propelled Solana’s (SOL) price is the US Treasury’s decision to increased bond buybacks to nearly $4 billion. The move may have led to increased liquidity flowing into the cryptocurre