- Solana (SOL) surged to $86, rallying nearly 12% in 24 hours amid a broader market recovery led by Bitcoin reclaiming $69,000.
- The uptick follows President Trump’s announcement that the US plans to buy substantial amounts of Bitcoin and other cryptocurrencies.
- Despite the rally, SOL remains down over 50% in the past year and 70% from its all-time high of $293.31, with resistance near current levels.
The cryptocurrency market is finally showing signs of a recovery, with Bitcoin reclaiming the $69,000 price level and Solana following its trajectory to hit $86. CoinGecko data shows that SOL’s price rallied by nearly 12% in the last 24 hours, 16.4% in the 14-day charts, and 9.5% in the yearly charts.
The rally comes after President Trump hosted CEOs of several cryptocurrency platforms, stating that the US plans on buying substantial amounts of Bitcoin and other cryptocurrencies. This announcement may have elevated investor sentiment across the market, with Solana simply following Bitcoin’s trajectory. However, despite the upswing, SOL is still down by more than 50% in the last year and 70% from its all-time high of $293.31.
Solana last traded above the $100 mark in February of this year, and if the current trend continues, there is a chance it could reclaim that level. The cryptocurrency market is already showing signs of slowing down, with Bitcoin struggling to go beyond the $70,000 level and SOL facing substantial resistance at around current price levels. Consequently, we could see prices enter a sideways trajectory from here.
There is also a chance that Solana will face a price correction soon, as the latest rally is triggered by President Trump’s comments on the US potentially stocking up on cryptocurrencies. If the plan does not go through, the market could see a big dip, with SOL’s price potentially falling to the $62-$63 price level under such circumstances.
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