Solana (SOL) seems to be enjoying quite a breakout. The asset is up 1.1% in the daily charts, 7% in the weekly charts, 0.1% in the 14-day charts, and 4.1% since July 2024. The asset continues to show losses over the last month. SOL is down 0.5% in the monthly charts.
Solana Rallies After Advisor Joins Elon Musk’s X
SOL’s latest rally came after the project’s advisor, Nikita Bier, announced joining X as Head of Product. Bier stated, “X is the most important social network in the world. It’s where internet culture originates and where the world’s most influential people convene.”
The ex-Solana consultant coming to X led to speculations that Elon Musk is thinking about incorporating crypto payments in the social media platform. X has not rolled out its much-awaited payment. Crypto payments are also expected on the platform. The latest developments have sparked new rumors. Musk is an outspoken supporter of Dogecoin (DOGE). His affinity to crypto has led many to hope SOL will also make it way into X.
It is unclear if Bier’s joining X will translate to SOL being included in X’s upcoming payment platform. Bier has joined as Head of Product, which usually looks after strategy, development, and management. Bier could have a say in whether the platform should or should not accept cryptocurrencies. But the final buck stops with Elon Musk. Musk’s decision, in the end, will be what decides X’s fate.
Will The Asset Continue To Rally?
The crypto market is facing a consolidation phase right now. It is possible that SOL will also follow a similar trend over the coming days. The asset could face a correction once the hype around Bier’s latest move cools down.
Also Read: Robinhood Launches Ethereum and Solana SOL Crypto Staking
There has been a lot of talk about the SEC approving a spot Solana ETF soon. An ETF launch could lead to a substantial price rally for the asset.