Why is Solana (SOL) price up this week? By Cointelegraph
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‘s native token (SOL) made significant gains of 5.5% on Nov. 28, trading at $58. This increase followed a retest of the $54 support level on Nov. 27. While some attribute SOL’s rise to the broader cryptocurrency market’s performance amid a deteriorating macroeconomic environment, the Solana network and its ecosystem have also played a crucial role in driving the price upswing.
On Nov. 28, the U.S. Dollar Strength Index (DXY), which measures the U.S. dollar against major fiat currencies, hit a three-month low. Investors are increasingly betting that the U.S. Federal Reserve (Fed) will cease raising interest rates, exerting downward pressure on the domestic currency. This sentiment has led fixed-income investors to seek higher yields abroad, resulting in selling pressure on the U.S. dollar.
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‘s native token (SOL) made significant gains of 5.5% on Nov. 28, trading at $58. This increase followed a retest of the $54 support level on Nov. 27. While some attribute SOL’s rise to the broader cryptocurrency market’s performance amid a deteriorating macroeconomic environment, the Solana network and its ecosystem have also played a crucial role in driving the price upswing.
On Nov. 28, the U.S. Dollar Strength Index (DXY), which measures the U.S. dollar against major fiat currencies, hit a three-month low. Investors are increasingly betting that the U.S. Federal Reserve (Fed) will cease raising interest rates, exerting downward pressure on the domestic currency. This sentiment has led fixed-income investors to seek higher yields abroad, resulting in selling pressure on the U.S. dollar.
Continue Reading on Cointelegraph
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