Solana (SOL) was one of many cryptocurrencies named by President Trump in his put up a couple of strategic digital asset reserve within the US. On Mar. 2, President Trump took to Reality Social and acknowledged that the US digital asset reserve will embrace XRP, SOL, and ADA. Regardless of being named within the checklist of belongings for the US digital asset reserve, SOL has struggled to realize momentum over the previous few months.
Solana In Dire Straits
SOL climbed to an all-time excessive of $293.31 earlier this yr on Jan. 19. Paradoxically, the asset peaked in the future earlier than President Trump’s inauguration. SOL’s worth has fallen by 51% since its January highs.
Solana (SOL) has had a lackluster yr up to now. The asset is down 1.8% within the day by day charts, 1.8% within the weekly charts, 9.7% within the 14-day charts, and 18.5% over the past month. SOL has maintained some positive factors within the yearly charts, rallying 5% since June 2024.
SOL was among the many best-performing cryptocurrencies of 2024. The mission’s Pump.enjoyable platform was a probable purpose for its unimaginable progress. The platform launched a number of the most profitable memecoins of final yr.
Solana (SOL) has additionally confirmed to be one of the resilient crypto belongings. The cryptocurrency’s worth fell to beneath $9 after the collapse of FTX in 2022. SOL has hit a number of all-time highs since its 2022 plummet.
SOL’s present predicament could possibly be on account of a common bearishness within the crypto market. Most belongings have struggled to generate steam over the previous few months. Bitcoin (BTC) alone has hit new peaks. Different cryptocurrencies proceed to make small upswings.
SOL may see a surge in costs as soon as investor sentiment returns. If the US authorities begins accumulating Solana (SOL) for its strategic reserve, the asset may get the required bump for a worth rally.
