In a remarkable display of market strength, Solana has shattered the $200 resistance level, trading at $203.88 with an impressive 22.25% weekly gain. This breakthrough comes as part of a larger success story, with SOL posting a staggering 370% increase over the past year and securing its position as the fourth-largest cryptocurrency by market capitalization, now valued at $95.8 billion. Despite this remarkable achievement, SOL still trades 23% below its all-time high of $260 from November 2021, suggesting potential room for further growth.
The surge coincides with a broader crypto market rally triggered by Donald Trump’s presidential victory and the election of 266 pro-crypto candidates to the House of Representatives. Trump’s campaign promises, including plans to establish a Bitcoin reserve and replace SEC Chairman Gary Gensler, have injected newfound confidence into the digital asset market. This political shift has catalyzed a remarkable upturn across the entire cryptocurrency spectrum, with the global crypto market capitalization soaring to $2.56 trillion on election day, accompanied by a surge in daily trading volume to $236 billion.
The bullish sentiment has lifted other major cryptocurrencies to new heights, with Bitcoin reaching a historic $76,278 and Ethereum approaching the $3,000 mark after a 6.3% increase. As Solana continues its impressive run, investors and analysts are closely watching whether this momentum, backed by favorable political developments and growing institutional interest, could drive SOL beyond its previous all-time high. With Trump’s pro-crypto stance and a more supportive regulatory environment on the horizon, Solana’s recent performance might be just the beginning of a larger crypto market transformation.
