Solana is targeting a new ATH, fueling bullish sentiment in the crypto market. Indeed, Donald Trump’s recent victory in the US elections has raised new hopes, especially for major altcoins like Solana. The post-election enthusiasm propelled Solana to become a notable winner.
Solana (SOL) has been one of the best performing cryptocurrencies in the first week of November. Its value increased more than 25% and surpassed the $200 mark. The bullish momentum has catapulted it to the fourth-largest Cryptocurrency by market cap.
Solana: The cryptocurrency that does not stop growing and surprises the market
Market watchers are convinced that Trump’s return will change the regulatory rules around cryptocurrencies. Many are even projecting a Solana ATH, especially with the on-chain rally and growing investor confidence.
Also, the Federal Reserve’s decision to reduce interest rates has injected a dose of optimism into financial markets, boosting risk assets like Solana. This measure, added to the growing institutional interest in cryptocurrencies, has created a favorable scenario for Solana to reach new all-time highs.
ETF approval in sight?
What’s more, a major reason for the jump is the growing bullish sentiment around institutional adoption of Solana and optimism for a Solana ETF in Donald Trump’s pro-cryptocurrency administration.
After his victory, market analysts increased the odds of a Solana ETF approval by an additional 20%, especially since major investment firms and managers, including VanEck and 21Shares, are already in the race.
Solana about to explode: Analysts predict an increase of up to $1,000
Solana’s strong performance in recent weeks has stoked optimism among investors and analysts. The formation of a symmetrical triangle on its technical chart, identified by Carl Runefelt, suggests significant bullish potential.
By the way, if Solana manages to maintain support above $200 and breaks higher, it could reach new all-time highs, according to predictions that point to levels between $300 and $1,000. Analysts like Crow have been even bolder, citing positive candle formations as a basis for their ambitious targets.
For his part, trader Bob Loukas said: “It would not be a surprise if SOL price hits an ATH in 14 days. “This could become nonsense in 2025.”
34 week consolidation for $SOL best performing crypto of Cycle (that stayed strong while most shat) $SOL to ATH within 14 days wouldn’t be surprise now. This one could get silly in 2025. pic.twitter.com/x3toRhlgPy
— Bob Loukas 🗽 (@BobLoukas) November 6, 2024
At press time, SOL price was trading at $210.27, after having traded at $157 on November 3. Could we really see a new Solana ATH under the new pro-crypto US administration? Leave your opinion in the comment box.
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