Solana (SOL) follows the current market’s upward momentum. SOL is up 2.8% in the daily charts, 15.9% in the weekly charts, 50.8% in the 14-day charts, and 57.2% over the previous month. SOL’s price has also increased by 329.2% since November 2023. The asset is only down by 6.8% from its all-time high of $259.96, which it attained in November 2021, three years ago.
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Why Is Solana Rallying?
SOL’s latest rally follows Bitcoin’s (BTC) rise to a new all-time high of $93,477.11 last week. BTC’s rally seems to have trickled into other significant assets, triggering a market-wide rally.
The crypto market took off after Donald Trump emerged victorious in the US Presidential elections. Many believe there will be lenient regulations for the crypto industry under Trump’s leadership. Trump has been very supportive of the crypto industry, going as far as enabling crypto donations for his campaigns.
Solana’s rally could also be due to an increase in SOL-based memecoin rallies. SOL-based memecoins, such as Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), Popcat (POPCAT), Peanut The Squirrel (PNUT), etc., have witnessed incredible growth over the last few weeks.
Also Read: Dogecoin Rally Imminent: Experts Predict 50% Surge Ahead
Will The Asset Hit A New All-Time High This Week?
According to CoinCodex, Solana (SOL) will continue its rally over the next few weeks. The platform predicts SOL to hit a new all-time high of $264.69 on Dec. 8, 2024.
Changelly analysts are slightly bearish on SOL. The platform does not anticipate the asset to hit a new all-time high in November or December. Changelly predicts SOL’s price to trade at a potential maximum price of $243.93 next month.
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How SOL performs over the next few days is yet to be seen. We may witness a correction if investors begin to book profits.