The historical victory of Donald Trump in the recent presidential elections of the US has sparked positive sentiment among investors, for a more easy, favorable, and transparent set of rules for the digital asset market, significantly backing the surge in Bitcoin prices.
Following the growth of BTC and Trump’s victory, SOL, the native currency of the Solana blockchain, registered the highest trading price of $214 on Sunday, which is the highest trading price in the past three years.
When writing SOL was exchanging hands at $206.82, growing roughly 27 percent in the past seven days and seeing a surge of 41.81 percent in the past 30 days. It is worth noting that its trading volume reached above $8 billion, growing roughly 80 percent intraday.
The massive surge in the trading prices, market capitalization, and user base of Solana has significantly helped it stand as one of the strongest contenders among Bitcoin, Ethereum, and other leading cryptocurrencies.
It is the first time that it is eyeing the levels that it achieved before the bankruptcy of FTX in November 2022. SOL’s highest trading price is $260.06, which could be considered as the third possible resistance that it could mark in the next few months.
Will Solana (SOL) Break its All-time High by 2025 End?
Over the question, hundreds of analysts remain bullish, but some still believe that a steadiness may hit SOL price in the coming sessions.
However, the majority of those favoring the growth claim that the constant advancement and integration with news platforms to improve services is one of the major factors that is expected to set Solana to the sky.
Solana registered its all-time high of $260.06 in November 2021, in its initial days and the current growth in SOL price is the same as those days so it is expected to soon register its all-time high of $260.06.
Until publishing the market capitalization of SOL was $97.602 billion which grew 27.44 percent in a week, 42.80 percent in the past 30 days.
As per finance experts, Solana is expected to grow at an appreciable rate in the coming future, the primary reason behind the claim is the market cap of SOL which grew more than 130 percent in the YTD frame.
Available data states that if the price of Solana continues the same path of bullishness it will soon surpass the nearest visible resistance of $211.81. The press time trading prices of Solana were above the 20, 50, 100, and 200-day exponential moving average.
Bitcoin Eyeing $100k by 2024 End!
The technical indicators seem to be favoring the growth of Bitcoin price, after Trump’s victory, BTC has grown unexpectedly adding more than 19 percent in a week and 30 percent in the past 30 days, at the time of publication it was trading at $81, 200.
The continued bullishness will likely help BTC to soon cross $90k and the next visible resistance of $100k.
Currently, the bulls clearly seem to be dragging Bitcoin prices and volume to new levels and there is doubt that it could soon surpass USDT in terms of trading volume. Its market dominance has also seen unprecedented growth in the YTD frame by 16 percent.
