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• Solana made a new high for the 12 months
• A double bottom might be in place
• All eyes are on the Federal Reserve’s rate of interest determination

Investors in the cryptocurrency market have had a blended 12 months thus far. Those betting on the rise of Bitcoin or Ripple have loved spectacular returns. 

For instance, Ripple has delivered a triple-digit return thus far in the 12 months, as the cryptocurrency reacted to a optimistic ruling by a federal choose saying that when offered to institutional traders, Ripple is a safety. 

Bitcoin is up round 80% on the 12 months, on a mixture of short-squeezing and greenback weak spot. 

But not all cryptocurrencies have rallied like that. Take Solana, for occasion. It rallied at the begin of the 12 months along with Bitcoin, however then, not like Bitcoin, it gave up most of its good points. 

Nevertheless, throughout July, a quick squeeze despatched the market again to the horizontal resistance given by the $30 stage. While the market failed to carry above, it did make a new high for the 12 months, triggering optimism amongst traders. 

Solana chart by TradingView

Is a double bottom in place?

The $30 stage supplied resistance for the whole 12 months. The indisputable fact that the market pierced it’s a bullish signal, and one shouldn’t be stunned to see one other try increased. 

However, there may be one situation that should maintain. That is, Solana shouldn’t make a new low. 

If it doesn’t, one can speak about a attainable double bottom space, regardless that the second bottom is a bit increased than the first one. Given the indisputable fact that this week the Federal Reserve of the United States is about to announce its rate of interest determination, volatility will enhance in the cryptocurrency market too. As such, one other try at the resistance space, which offered help again in the previous, shouldn’t be discarded, particularly if the Fed indicators that the terminal fee for the present tightening cycle is reached with this last hike.