Solana has crossed the $200 mark for the first time in seven months, rising 8.69% as the crypto market rallies following the U.S. election.
According to data from crypto.news, Solana (SOL) is currently trading at $203.88. The token has gained 8.69% in the past 24 hours and has risen 22.25% over the last week.
Over the past year, SOL’s price has seen a 370% increase. At the time of writing, Solana ranks fourth in crypto.news’ market cap rankings, with a current market cap of $95.8 billion and a circulating supply of 471 million tokens.
While Solana remains 23% below its all-time high of $260 reached in November 2021, it appears to be riding the wave of bullish sentiment in the crypto market following Trump’s presidential victory.
SOL 24-Hour Price Chart | Source: crypto.news
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Following the U.S. election, the crypto market experienced a surge in bullish sentiment after Donald Trump’s victory, alongside the election of several pro-crypto candidates to the House of Representatives.
On election day, as reported by crypto.news, the global crypto market capitalization rose 5% in 24 hours, reaching $2.56 trillion. Daily trading volume nearly doubled, now at $236 billion.
Bitcoin (BTC) hit a new all-time high at $75,011, while Ethereum (ETH) saw a 6.3% increase to $2,590. ETH has since climbed 3.59% in the past 24 hours, now approaching the $3,000 mark, per crypto.news data. Meanwhile, Bitcoin continues its bullish trend, trading at a record-breaking $76,278.
According to Stand With Crypto, an estimated 266 pro-crypto candidates were elected to the House of Representatives following Trump’s victory. Trump has been outspoken in his support for the crypto industry, promising to establish a Bitcoin reserve and dismiss SEC Chairman Gary Gensler.
Read more: Coinbase CEO Calls U.S. Election 2024 a ‘Huge Win for Crypto’
