Solana (SOL) follows the present market’s upward momentum. SOL is up 2.8% within the every day charts, 15.9% within the weekly charts, 50.8% within the 14-day charts, and 57.2% over the earlier month. SOL’s worth has additionally elevated by 329.2% since November 2023. The asset is simply down by 6.8% from its all-time excessive of $259.96, which it attained in November 2021, three years in the past.
Additionally Learn: Solana Forecasted To Attain $400, Right here’s When
Why Is Solana Rallying?
SOL’s newest rally follows Bitcoin’s (BTC) rise to a brand new all-time excessive of $93,477.11 final week. BTC’s rally appears to have trickled into different important property, triggering a market-wide rally.
The crypto market took off after Donald Trump emerged victorious within the US Presidential elections. Many consider there can be lenient rules for the crypto business below Trump’s management. Trump has been very supportive of the crypto business, going so far as enabling crypto donations for his campaigns.
Solana’s rally is also as a consequence of a rise in SOL-based memecoin rallies. SOL-based memecoins, reminiscent of Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), Popcat (POPCAT), Peanut The Squirrel (PNUT), and so forth., have witnessed unbelievable progress over the previous couple of weeks.
Additionally Learn: Dogecoin Rally Imminent: Specialists Predict 50% Surge Forward
Will The Asset Hit A New All-Time Excessive This Week?
In response to CoinCodex, Solana (SOL) will proceed its rally over the subsequent few weeks. The platform predicts SOL to hit a brand new all-time excessive of $264.69 on Dec. 8, 2024.
Changelly analysts are barely bearish on SOL. The platform doesn’t anticipate the asset to hit a brand new all-time excessive in November or December. Changelly predicts SOL’s worth to commerce at a possible most worth of $243.93 subsequent month.
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How SOL performs over the subsequent few days is but to be seen. We might witness a correction if traders start to e book earnings.
