Solana (SOL) follows the present market’s upward momentum. SOL is up 2.8% within the day by 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 barely down by 6.8% from its all-time excessive of $259.96, which it attained in November 2021, three years in the past.
Also Read: Solana Forecasted To Reach $400, 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 vital property, triggering a market-wide rally.
The crypto market took off after Donald Trump emerged victorious within the US Presidential elections. Many consider there shall 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 many others., have witnessed unimaginable development over the previous couple of weeks.
Also Read: Dogecoin Rally Imminent: Experts Predict 50% Surge Ahead
Will The Asset Hit A New All-Time High This Week?
According 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.
Also Read: Shiba Inu’s Influence Blooms As 45000 Businesses Globally Deploy SHIB
How SOL performs over the subsequent few days is but to be seen. We might witness a correction if buyers start to guide earnings.
