While Bitcoin (BTC) reached its all-time high following the announcement of Donald Trump's victory in the US presidential elections, other cryptocurrencies also benefited from the event. This is the case of Solana (SOL) which has once again crossed the $200 mark. For good this time?
Just like Bitcoin and Ether, Solana sees its price soar
Donald Trump's victory in the US presidential elections was visibly beneficial for the SOL course. In the last 24 hours, the price of the cryptocurrency climbed 6.2% to trade at around $200 at the time of writing these lines.
👉 Follow our guide to easily and quickly invest in Solana crypto
After reaching its ATH in 2021 reaching the price of 259.98 dollars and flirted with the $200 ceiling at the start of the yearthe SOL again crossed this bar several times during the night of November 7 to 8.
This Friday, the SOL price found itself above the $200 threshold 4 times
Currently, Solana market capitalization exceeds $94 billionplacing the cryptocurrency 4th among the most valued tokens behind Bitcoin (BTC), Ether (ETH) and USDT, Tether's stablecoin.
Over the past 24 hours, SOL trading volume was down 9.8%rotating around $6.2 billion. This figure is significantly lower than average trading volume of $8.8 billion recorded over the last 3 months.
In recent months, the craze for the Solana blockchain is stronger than ever and projects relying on the network are multiplying. For example, 87% of tokens launched in 2024 come from Solana.
This blockchain explosion is largely due to memecoins which are very popular, particularly thanks to the emergence of the pump.fun launcher, which allows you to create your own token for a few dollars.
Buy cryptos on eToro
SOL over $1,000 in case of bull run?
With Donald Trump soon to be inaugurated as the 47th President of the United States, members of the crypto community imagine the best for Solana. Indeed, in view of the pro crypto position of the future American president, it is very likely that the cryptocurrency market will be booming in the coming months.
In recent weeks, several asset managers have filed for approval with the Securities and Exchange Commission (SEC). to launch their Solana spot ETF on American soil.
With the election of Donald Trump, some analysts believe that these investment products will be approved much more quickly that if Kamala Harris had been elected and would allow the price of SOL to explode.
💡Also read – Donald Trump’s victory: What can we expect for the crypto ecosystem?
For Daniel Cheung, co-founder of SyncracyCapital, an investment fund specializing in the crypto industry, SOL spot ETFs could be approved as early as Q1 2025 and launched straight away. According to him, this would allow Solana “ to cross the $1,000 mark in the months that follow and to really compete with Ether “.
In any case, Solana and more broadly the cryptocurrency market will be subject to some volatility in the coming weeksespecially if Donald Trump clarifies his measures concerning the crypto ecosystem.
Cryptoast Academy: Don’t waste this bull run, surround yourself with experts
The #1 Crypto Newsletter 🍞
Receive a summary of crypto news every day by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no harm to you and you can even get a bonus using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to cryptoassets are risky by nature, readers should do their own research before taking any action and only invest within their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
182 items
