SOL is up 33% in a week, reaching over $215.
Donald Trump’s presidential victory led to the increase in the price of SOL.
The cryptocurrency Solana (SOL) reached a market capitalization of more than $100 billion, joining bitcoin (BTC), ether (ETH), and USD Tether (USDT) in the exclusive group of digital assets with a market value greater than this figure.
In the last week, the price of SOL has increased steadily, going from an average from $163 on November 4, to about $218 at the close of this report, which represents an increase of 33%, according to data provided by CoinMarketCap.
This rise has led Solana to approach its annual highs, recovering prices that had not been seen since April, as reported by CriptoNoticias.
The cryptocurrency has not only seen an increase in its price, but also in its market value, reaching $102.64 billion. Although this figure is significant, still lower compared to other leading cryptocurrencies such as USDT with 123,000 million, ETH with 381,000 million, and bitcoin, which leads with 1,630 trillion dollars.
SOL’s recent momentum is largely attributed to Donald Trump’s recent election victory on November 5. Trump’s promised policies, which appear to favor the cryptocurrency sector, have had a positive impact not only on SOL but on the entire market.
Bitcoin, in particular, has marked several all-time highs this week, currently trading near $85,000. This bullish trend in bitcoin has dragged down many altcoins, including solana and ether.
Valentin Fournier, market analyst, commented that with bitcoin driving the overall cryptocurrency market capitalization, “solana is well positioned to deliver exceptional performance.”
“Its rapid growth and leading role in the memecoin trend could push its price well beyond its previous all-time high of $259 during this bull run,” Fournier said.
The inclusion of solana in this group of cryptocurrencies with a market capitalization of more than $100 billion not only reflects its growing acceptance and adoption in the market, but also investor confidence in its long-term potential.
This article was created using artificial intelligence and edited by a human Editor.