Solana just hit $200 for the first time in seven months, jumping 8.69% as the crypto market rallies post-US election. Its currently at $203.88 which represents a 22.25% rise since last week and whopping 370% over the last year. Despite being 23% below its all-time high of $260, it’s riding the bullish wave fueled by Trump’s win and pro-crypto candidates in Congress. Hence overall market peaked, with Bitcoin and Ethereum also hitting record highs.
Following recent US presidential election, whole crypto market saw huge growth, which benefitted big names such as Bitcoin, which is currently trading at its all time high $75K. And so, Solana also hopped in on the party by finally breaking through its $200 mark after struggling for seven months. While this is still below its all-time high, this performance ignites optimism for future gains.
On the day of election, crypto market witnessed massive burst after Trump was announced victorious. Reportedly, the market capitalization rose by 5% that day and reached a staggering $2.56 trillion. One of the reasons for this might be the shear amount of pro-crypto candidates inside the House of Representatives.
Solana Price Outlook
As of November 9, Solana’s token SOL is priced at $197.93, although this is lower than $200 its just a minor volatility and the overall report suggests positive improvements. Its 24 hour trading volume is of about $4,886,202,079, it indicates 1.63% decline in the last 24 hours but overall it has increased by 21.29%, considering past seven days. With a total circulating supply of 470 million and a huge market cap of almost $93 billion, SOL is comfortably placed at fourth position amongst world’s top cryptocurrencies.
Read how Ethereum Engineer Criticizes Solana’s Potential as a “Global Backbone” Blockchain
