Solana (SOL) has achieved a significant milestone, breaking through the $200 mark for the first time in seven months. The token’s price surged by 8.69% in the last 24 hours, trading at $203.88, as the broader crypto market experiences a post-U.S. election rally.
Solana’s impressive price movement is part of a broader trend of solid growth in the past week, with the token gaining 22.25%. Over the past year, SOL has seen a remarkable 370% increase in value, reflecting growing investor confidence.
At the time of writing, Solana holds the fourth spot in the rankings by market capitalization, with a current market cap of $95.8 billion. The token’s circulating supply stands at 471 million. Despite its recent gains, Solana is still 23% away from its all-time high of $260, reached in November 2021.
Solana’s price surge follows a crypto market rally sparked by Trump’s win and pro-crypto candidates in Congress
The cryptocurrency’s rally comes in the wake of a bullish sentiment across the entire crypto market, sparked by Donald Trump’s victory in the U.S. presidential election. The crypto market saw a surge in optimism, particularly with the election of pro-crypto candidates into the House of Representatives.
On election day, the global cryptocurrency market capitalization rose 5% to $2.56 trillion. Trading volumes also nearly doubled, now hovering around $236 billion. Other major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), also experienced price increases following the election, with Bitcoin reaching an all-time high of $75,011 and Ethereum rising by 6.3% to $2,590.
Ethereum’s price is nearing the $3,000 mark after a 3.59% increase in the past 24 hours. Bitcoin continues its bullish trajectory, trading at a record-breaking $76,278.
Adding to the optimism, there are now 266 pro-crypto candidates in the U.S. House of Representatives following Trump’s win. Trump has been outspoken about his support for the cryptocurrency industry, including promises to build a Bitcoin reserve and remove Securities and Exchange Commission Chairman Gary Gensler.
As Solana continues to break new price records, its market performance is closely tied to the broader bullish trends in the crypto market, fueled by political shifts and renewed investor enthusiasm.
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