Solana (SOL) has as soon as once more reclaimed the $200 mark. The asset is up by 8.6% within the each day charts and seven.4% within the weekly charts. The asset’s worth has additionally risen by 79.7% since January 2024. SOL is outperforming Bitcoin (BTC), which has rallied by 2.4% within the each day charts and is down 1.2% over the past week.
Regardless of the rally, SOL is down by practically 3% within the 14-day charts and 9% over the earlier month.
Why Is Solana Rallying?
SOL’s newest rally follows BTC reclaiming the $95,000 mark after its current descent to beneath $93,000.
The crypto market confronted a major correction after inflation within the US elevated to 2.7%. The Federal Reserve additionally took a hawkish stance attributable to rising inflation figures. The Fed introduced solely two rate of interest cuts in 2025 as an alternative of three. The transfer led to buyers changing into weary of dangerous belongings.
SOL’s rally might be attributable to President-elect Donald Trump’s inauguration. Trump has been fairly supportive of the cryptocurrency trade. Many anticipate an prolonged bull run over the following 4 years.
Will The Asset Hit $300 After Trump Assumes Workplace?
In keeping with CoinCodex, Solana’s (SOL) worth will rally over the following few weeks. The platform anticipates SOL to commerce at $224.60 on the day of Trump’s inauguration, Jan. 20, 2025. Hitting $224.60 from present worth ranges will entail a rally of about 9.16%.
The platform anticipates SOL’s worth to dip in March, falling to $206 on Mar. 24, 2025. Hitting $206 from present worth ranges will translate to a rally of about 0.50%. The platform doesn’t anticipate SOL to hit the $300 mark anytime quickly.
There’s a chance that Solana (SOL) will rally a lot increased than predicted. Trump’s management is anticipated to be lenient on the crypto trade. Investor confidence could rise over the following few days, resulting in a market-wide rally.
