The cryptocurrency market has reached another significant milestone with President Donald Trump's signing of a crypto executive order, causing a substantial price surge for Bitcoin and top altcoins. Among the gainers is Solana, maintaining a positive trend. Let's explore a short-term Solana price analysis.
Trump Coin Impact on Solana Network
The Trump memecoin team has increased their Solana investments, highlighting the growing influence of the altcoin in the crypto space. However, increased activity has led to congestion issues on the Solana network, potentially impacting the ecosystem and long-term price of the SOL token.
Solana Price Analysis for This Week
The SOL price has increased by 5.66% in the last 24 hours, with a total trading volume increase of +8.04%. Over the past seven days, Solana has risen by 22.91%, and 38.75% this year. Technical indicators suggest a continuing upward trend for the altcoin.
Will SOL Price Reach $300?
If bullish sentiment continues, Solana may test its resistance level at $270 with potential growth to $300. However, if bearish sentiment prevails, the price may revert to support levels at $237.50 or even $210.
The influence of a crypto executive order and increased activity around the Trump memecoin boosts interest in Solana. The question of reaching a $300 SOL price remains contingent on sustained positive sentiment.