The price of Solana’s native token SOL has been on a tear, leading gains among the crypto majors this week following Donald Trump’s historic win on Wednesday.
SOL surged past the psychologically important $200 threshold for the first time since April on growing confidence that spot ETFs based on the fourth-largest token will be approved under a Trump regime, all while Bitcoin set a fresh all-time high on Nov. 7.
SOL Price Hits 7-Month High
SOL is now trading above $200 again after struggling to recapture the level for seven months. According to CoinGecko data, the coin is trading hands for $204.49 as of press time. That’s a growth of approximately 9.6% in 24 hours.
Solana is one of the biggest winners out of the top 20 most valuable cryptos, having gained over 18.3% over the last week. In contrast, Bitcoin is up 8.3% in the last seven days. SOL is now only 21.8% away from its 2021 all-time high of $259.96 following its powerful advance.
After months of struggle, BTC bulls finally managed to break through the barrier of $70,000 this week on pro-crypto Donald Trump’s return to the White House. Bitcoin jumped to a fresh peak price of $76,872 on Thursday buoyed by Trump’s decisive win, as well as the 25 basis points rate cut by the U.S. Federal Reserve — a move that typically bodes well with risk assets like BTC as it boosts liquidity and weakens the dollar.
SOL ATH Incoming?
President-elect Trump embraced crypto with open arms on the campaign trail, winning over the majority of the industry participants. This included vowing to end the unwarranted and unlawful crackdown on crypto, to create friendlier regulation and a national Bitcoin stockpile.
These crypto-related promises are why the entire crypto market is flourishing following his victory. Moreover, the Republican party has secured the majority control of the Senate, suggesting the potential for more innovation-friendly regulations in the crypto sector.
With this, anticipation for a Solana exchange-traded fund(ETF) has heightened. We could expect the SEC’s stance on Solana to soften under a Trump administration, potentially opening the door for a spot SOL ETF.
Notably, a Solana ETF would boost the injection of potentially billions of dollars from traditional investors who have generally stayed away from crypto due to its infamous volatility and high barrier for entry. Against that backdrop, investors are ebullient about SOL’s price prospects, especially after the breach of the $200 mark.
$SOLSolana didn't wait for the Weekly Close and just broke out straight to $202 resistance (red)The multi-month Downtrend is over (blue)And Solana is a Weekly Close above $202 (red) away from kickstarting a rally into $200+#Solana #SOL #BTC https://t.co/8If7EtMDK7 pic.twitter.com/1T9XVPQyQO
— Rekt Capital (@rektcapital) November 8, 2024
