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BTC 
SOL Solana has been closely watched for its recent performance, holding near the $100 mark after a pullback from $109. According to CoinGecko, the price of SOL has risen nearly 37 percent over the past month and has maintained upward momentum over multiple time frames. However, downside risks remain to its broader price outlook.
Background to the recent recovery
After the FTX crash in 2022, Solana experienced a sharp decline, with prices falling below $10 at one point. Despite setbacks, the cryptocurrency has rebounded significantly. As a blockchain known for its high trading capacity, Solana recently reached a high of US$293.31, but the current price is still 65.6% lower than this historical record.
Despite a 37% increase in the past month, the market is still watching the durability of this support.
A key factor driving recent gains was Bitcoin's breakthrough of the $80,000 threshold, which triggered a broad rebound in the crypto asset market. Solana took advantage of the momentum and quickly appreciated with other tokens.
News from Washington also boosted market optimism. At a crypto event hosted by the White House, former President Donald Trump revealed that the United States plans to purchase large amounts of bitcoin and other digital assets, boosting investor confidence.
How does liquidity affect the pullback?
Another factor driving Solana's upward trajectory was the U.S. Treasury Department's bond repurchase, which is believed to have increased market liquidity. The increase in cash flow appears to guide investment towards riskier assets, providing additional support to the crypto market.
However, the recent rally could be followed by a correction. Although it is possible for Solana to maintain a lateral trend in the short term, the possibility of falling below $100 still exists. Hawkish rhetoric at the Jackson Hole meeting maintained expectations for a rate hike, which could put pressure on the crypto market.
Is a break below $100 a real risk?
If the liquidity brought by the repurchase of government bonds is finally withdrawn, temporary liquidity support may be weakened, which may increase downward pressure on the crypto market. In this case,$100 remains Solana's key threshold.
If SOL breaks below this support level, prices may find a new balance point near the $70 range. Continuous monitoring of Bitcoin's movements and macroeconomic conditions will be crucial to determining Solana's next move.
