The cryptocurrency market started the year with a bull run, with Solana-based altcoins at the forefront.
SOL Nearing a New Record
Solana's native token, SOL, has surged by over 11% today alone to trade at $253, nearing a new all-time high. This has caught the attention of traders, pushing the trading volume up by 170%. Analysts attribute this momentum to President-elect Donald Trump’s support for the crypto space. SOL's price has risen over 35% in four days.
Growth of Other Solana-based Tokens
Other Solana-based tokens, including Official Trump (TRUMP), Jupiter (JUP), Raydium (RAY), and Bonk (BONK), have shown good price increases as well. For instance, TRUMP increased by 322%, while JUP is up by 22%, RAY by 6%, and BONK by 4%. These tokens are receiving more attention, unlike major cryptocurrencies such as Bitcoin, Ethereum, and XRP that are struggling to gain the same momentum.
Chart Analysis and Technical Indicators
SOL has been rising in price due to a strong double-bottom pattern visible on its daily chart, bringing it close to a resistance level of $245. However, the RSI of SOL remains below the overbought zone, indicating potential for more surge.
Solana-based tokens continue to lead the cryptocurrency market with significant growth. Technical indicators suggest potential for further strengthening.
