For the first time in seven months, Solana (SOL) has surged past the $200 mark, experiencing an 8.69% price increase amid a broader crypto market rally following the recent US election. Currently trading at $203.88, Solana has seen a strong performance over the last week, gaining 22.25% and reflecting an impressive 370% price change over the past year.
Despite being 23% below its all-time high of $260 from November 2021, SOL’s momentum appears fueled by optimism surrounding the election of pro-crypto candidates and Donald Trump’s victory. The election day rally saw the global crypto market capitalization rise 5% to reach $2.56 trillion, while trading volume nearly doubled to $236 billion.
Major cryptos also saw gains, with Bitcoin hitting a record $75,011 and Ethereum nearing the $3,000 mark. Trump’s pro-crypto stance, including promises to establish a Bitcoin reserve and replace SEC head Gary Gensler, has been welcomed by investors. According to Stand With Crypto, 266 pro-crypto candidates have been elected to the House, adding to the wave of bullish sentiment.
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