As a seasoned analyst with over two decades of experience in the financial markets, I must admit that the current surge in Solana (SOL) is indeed intriguing. The token breaching the $200 threshold after seven months feels like a long-awaited reunion with an old friend.
For the first time in seven months, Solana’s token value surpassed the $200 mark. A 8.69% increase was observed in its price due to the cryptocurrency market rebounding following the U.S. elections.
Based on information from crypto.news, the price at which Solana (SOL) is being traded right now is $203.88. Over the past 24 hours, its value has increased by approximately 8.69%. Over the last week, there’s been a positive trend for Solana, with an increase of 22.25% observed.
Over the past year, the SOL price seen a 370% change. At the time of writing, Solana hold the fourth position in crypto.news rankings by market cap. Solana currently has a market cap of of $95.8 billion. SOL’s token supply stands at $471 million.
Currently, Solana stands about 23% below its peak price of $260, reached in November 2021. However, it appears to be surging with the overall positive trend in the cryptocurrency market, even as Donald Trump was elected president.
During the U.S. election, there was an increase in optimistic feelings towards cryptocurrencies on the day Donald Trump was declared the winner. Additionally, a number of pro-cryptocurrency representatives were voted into the House of Representatives.
According to an earlier report from crypto.news, the total value of all cryptocurrencies increased by about 5% within the last 24 hours, amounting to approximately $2.56 trillion. Moreover, daily trading activity nearly doubled and is currently sitting at around $236 billion.
The price of Bitcoin hit an unprecedented peak of $75,011, while Ethereum climbed by 6.3% and was valued at $2,590. As I write this, Ethereum’s price is moving towards $3,000 following a 3.59% surge in the last 24 hours based on crypto.news statistics. Bitcoin continues to thrive, with trades happening at an impressive new high of $76,278.
Following Donald Trump’s presidency, I’ve observed that approximately 266 pro-crypto representatives have been elected into the House of Representatives, as per data from Stand With Crypto. Throughout his tenure, Trump has shown strong backing for the cryptocurrency sector, expressing intentions to establish a Bitcoin reserve and even considering dismissing the Head of Securities and Exchange Commission, Gary Gensler.
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2024-11-08 15:42