Solana-based Altcoins lead the market trend
The entire cryptocurrency market seems to have entered a bull run. Meanwhile, Solana-based altcoins are getting a lot of attention from crypto enthusiasts due to their dramatic price increases, including Solana's native token SOL.
Solana (SOL) performance and current price momentum
With a price increase of over 12% in the last 24 hours, SOL is currently trading around $243 and is once again approaching its highs. Specifically, SOL gained over 35% in four days. In this bullish trend, the participation of traders and investors has increased dramatically, resulting in a 170% increase in trading volume.
The reason behind the SOL Rally
SOL's impressive progress can be attributed to the recent crash and market optimism surrounding President-elect Donald Trump's pro-crypto stance, as his election season approaches.
Solana (SOL) price forecast
According to expert technical analysis, SOL has broken out of the double-bottom price action pattern formed on the daily time frame and is nearing a mild resistance level around $245. Considering the current market sentiment, it seems likely that SOL will soon cross this barrier and reach a new all-time high.
Despite the significant rate of appreciation, SOL's Relative Strength Index (RSI) remains below the overbought zone, indicating that the altcoin has enough room to continue its upward trajectory.
Performance of simulations based on Solana
SOL's bullish trend seems to have affected other altcoins built on the Solana blockchain as they are currently leading the market trend. Tokens such as Official Trump (TRUMP), Jupiter (JUP), Raydium (RAY) and Bonk (BONK) have seen price increases of over 331%, 22%, 14% and 8% respectively.
These significant gains come at a time when major assets such as Bitcoin (BTC), Ethereum (ETH) and XRP are struggling to gain momentum.
Meanwhile, other popular Solana-based tokens like Dogewithhat (WIF) and Popcat (POPCAT) seem to be struggling. This highlights that building on the Solana blockchain is not enough to attract attention, as the token requires significant merchant interest and confidence.
