Solana(SOL) is teasing a new high as they have breached the mark of $185 at the time of writing this report. SOL is exchanging hands at $186.99, up by 15.65% in the last 24 hours which further translates to a rise of 24.44% in the last 30 days. The SOL/ETTH pair is also up by 8.25% in daily gains. Most of it rides on the Trump coming back to power, for he is more certain to introduce pro-crypto regulations. At the most, he is more certain to support their mainstream growth.
Solana is gaining traction because of its offerings too. It has the capability of processing more than 65,000 transactions per second at a transaction fee of around $0.001. It is lower than its competitors to support a higher number of user activity and token issuance. Trump-related meme coins are next in line to gain fame across the market. For example, $TRUMP and $MAGA have a lot of attention on them at the moment.
What it specifically means for Solana tokens is that they could see a new high in the days to come. Near-term projections have underlined the possibility of reaching $205 in the next 30 days. That would be a surge of 13.54%. The next 5 days could see a rise to $181.93, which would be a slight decline from the current value. However, it will still pave the way for SOL to soar amid the volatility of 7.22%.
The 50-day SMA and 200-day SMA are $154.53 and $151.49, respectively. That is a hint that SOL is already trading with a positive margin which justifies bullish sentiments prevailing across the market. The FGI has 69 points for SOL following 15/30 days of green trades.
Interestingly, SOL was projected to hit $185 in the last week when it was speculated that elections would change the course of its price movement. Factors that affect Solana tokens are mostly the overall market conditions. Additionally, it could be the online political and economic condition of the country, the US in this case. Overall market conditions are bullish and the political scenario favored Trump’s win. The economy is a major concern because there are still talks about inflation taking center stage.
Solana’s journey to $185 is nothing but significant. It started at $160.4 and took only 24 hours to reach $185, which has now changed to $186.72. Most of the upticks have come in the last 6 hours – a window wherein projections highlighted who may come to power. A similar picture has been drawn in terms of market cap and 24-hour trading volume. Both are up by 16.63% and 143.52%, respectively.
Several members are now also noting that SOL has been able to flip BNB in terms of market cap to become the 4th ranked crypto on the charts.
Also Read: Donald Trump Becomes the 47th US President, Bitcoin at $75K
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