The cryptocurrency market started this year with a bull run and Solana-based altcoins are at the front roll of this bullish phase.
Solana’s native token, SOL, has seen over 11% surge just today alone to trade at $253, which brings it closer to a new all-time high.
The price surge has caught the attention of more traders as they push the trading volume up by 170%. Analysts believe this momentum is because of President-elect Donald Trump’s support for crypto space. SOL price has risen over 35% in four days.
Meanwhile, other Solana-based tokens, including Official Trump (TRUMP), Jupiter (JUP), Raydium (RAY), and Bonk (BONK), have followed SOL with good price increases. For instance, TRUMP increased by 322%, while JUP is up 22%, RAY increased 6%, and BONK rose by 4%.
These tokens are getting more attention everyday while major cryptocurrencies like Bitcoin, Ethereum and XRP are struggling to see the same momentum.
Other Solana-based tokens, like Dogewithhat (WIF) and Popcat (POPCAT), are also not getting the attention which only means traders are very specific about the token they want to invest in.
SOL has been rising in price due to a strong double-bottom pattern that is visible on its daily chart and is bringing it close to a resistance level of $245.
However, the RSI of SOL still remains below the overbought zone, which indicates the potential for more surges.
Also Read: Trump’s New Memecoin $TRUMP: An Opportunity or a Risky Bet?
