Solana (SOL) was one of the cryptocurrencies named by President Trump in his post about a strategic digital asset reserve in the US. On Mar. 2, President Trump took to Truth Social and stated that the US digital asset reserve will include XRP, SOL, and ADA. Despite being named in the list of assets for the US digital asset reserve, SOL has struggled to gain momentum over the last few months.
Solana In Dire Straits
SOL climbed to an all-time high of $293.31 earlier this year on Jan. 19. Ironically, the asset peaked one day before President Trump’s inauguration. SOL’s price has fallen by 51% since its January highs.
Solana (SOL) has had a lackluster year so far. The asset is down 1.8% in the daily charts, 1.8% in the weekly charts, 9.7% in the 14-day charts, and 18.5% over the last month. SOL has maintained some gains in the yearly charts, rallying 5% since June 2024.
SOL was among the best-performing cryptocurrencies of 2024. The project’s Pump.fun platform was a likely reason for its incredible growth. The platform launched some of the most successful memecoins of last year.
Solana (SOL) has also proven to be one of the most resilient crypto assets. The cryptocurrency’s price fell to below $9 after the collapse of FTX in 2022. SOL has hit multiple all-time highs since its 2022 plummet.
SOL’s current predicament could be due to a general bearishness in the crypto market. Most assets have struggled to generate steam over the last few months. Bitcoin (BTC) alone has hit new peaks. Other cryptocurrencies continue to make small upswings.
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SOL could see a surge in prices once investor sentiment returns. If the US government begins accumulating Solana (SOL) for its strategic reserve, the asset could get the necessary bump for a price rally.