US President Donald Trump's support for cryptocurrencies has significantly impacted the market. Following his executive order, Bitcoin's price surged past $105,000. Among altcoins, Solana has emerged as a standout performer with a gain of over 30%. Investors wonder if Solana can reach $500.
Trump Coin’s Impact on the Solana Network
Trump's backing of World Liberty Financial has increased asset acquisition on the Solana platform. This has bolstered the TRUMP meme coin's project stability. However, the rising transaction volume has led to network congestion issues, which could negatively affect its reliability and SOL coin prices.
Can Solana Price Surpass 300 Dollars?
SOL recorded a 5.66% increase in the last 24 hours, with a weekly rise of 22.91% and annual gain of 38.75%. Technical indicators suggest continued price growth, with the RSI indicating overbought conditions. The price might first test the $270 resistance level, with a potential rise to $300.
Potential Obstacles and Prospects
If bears take control, prices may retreat to the $237.50 support level, with possible drops to $210. Despite optimistic expectations, market fluctuations are always a possibility.
Trump's backing of the Solana project creates positive expectations among investors, but network congestion and other factors could impact price volatility.
