Solana (SOL) has once again reclaimed the $200 mark. The asset is up by 8.6% in the daily charts and 7.4% in the weekly charts. The asset’s price has also risen by 79.7% since January 2024. SOL is outperforming Bitcoin (BTC), which has rallied by 2.4% in the daily charts and is down 1.2% over the last week.
Despite the rally, SOL is down by nearly 3% in the 14-day charts and 9% over the previous month.
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Why Is Solana Rallying?
SOL’s latest rally follows BTC reclaiming the $95,000 mark after its recent descent to below $93,000.
The crypto market faced a significant correction after inflation in the US increased to 2.7%. The Federal Reserve also took a hawkish stance due to rising inflation figures. The Fed announced only two interest rate cuts in 2025 instead of three. The move led to investors becoming weary of risky assets.
SOL’s rally could be due to President-elect Donald Trump’s inauguration. Trump has been quite supportive of the cryptocurrency industry. Many anticipate an extended bull run over the next four years.
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Will The Asset Hit $300 After Trump Assumes Office?
According to CoinCodex, Solana’s (SOL) price will rally over the next few weeks. The platform anticipates SOL to trade at $224.60 on the day of Trump’s inauguration, Jan. 20, 2025. Hitting $224.60 from current price levels will entail a rally of about 9.16%.
The platform anticipates SOL’s price to dip in March, falling to $206 on Mar. 24, 2025. Hitting $206 from current price levels will translate to a rally of about 0.50%. The platform does not anticipate SOL to hit the $300 mark anytime soon.
Also Read: VeChain Outperforms Bitcoin, Solana: VET To $0.07 Next?
There is a possibility that Solana (SOL) will rally much higher than predicted. Trump’s leadership is expected to be lenient on the crypto industry. Investor confidence may rise over the next few days, leading to a market-wide rally.
