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 almost 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 latest descent to under $93,000.
The crypto market confronted a big correction after inflation within the US elevated to 2.7%. The Federal Reserve additionally took a hawkish stance resulting from rising inflation figures. The Fed introduced solely two rate of interest cuts in 2025 as a substitute of three. The transfer led to traders changing into weary of dangerous belongings.
SOL’s rally may very well be resulting from President-elect Donald Trump’s inauguration. Trump has been fairly supportive of the cryptocurrency business. Many anticipate an prolonged bull run over the subsequent 4 years.
Will The Asset Hit $300 After Trump Assumes Workplace?
In line with CoinCodex, Solana’s (SOL) worth will rally over the subsequent 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 larger than predicted. Trump’s management is anticipated to be lenient on the crypto business. Investor confidence could rise over the subsequent few days, resulting in a market-wide rally.
