Improvement in key Solana onchain and derivatives metrics points to a possible SOL price rally to $170.
Solana's native token, SOL (SOL), rose 8% on March 19 as investors turned to riskier assets ahead of US Federal Reserve Chair Jerome Powell's remarks. While interest rates are expected to stay unchanged, analysts anticipate a softer inflation outlook for 2025. Meanwhile, key onchain and derivatives metrics for Solana suggest further upside for SOL price.
The cryptocurrency market mirrored intraday movements in the US stock market, suggesting SOL's gains were not driven by industry-specific news, such as reports that the US Securities and Exchange Commission may drop its lawsuit against Ripple after clinging to it for four years.
Russell 2000 small-cap index futures (left) vs. SOL/USD (right). Source: TradingView / Cointelegraph
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