The overall cryptocurrency market seems to have entered a bull run. Amid this, Solana-based altcoins are gaining significant attention from crypto enthusiasts due to their impressive price surges, including Solana’s native token, SOL.
With a price surge of over 12% in the past 24 hours, SOL is currently trading near $243 and is once again approaching its all-time high. Notably, SOL has gained over 35% in just four days. Amid this bullish trend, participation from traders and investors has skyrocketed, leading to a 170% increase in trading volume.
SOL’s impressive momentum can be attributed to a recent breakout and market optimism surrounding the pro-crypto stance of President-elect Donald Trump, whose inauguration is approaching.
According to expert technical analysis, SOL has broken out from a bullish double-bottom price action pattern formed on the daily time frame and has approached a mild resistance level at $245. Considering the current market sentiment, it seems likely that SOL could soon overcome this hurdle and reach a new all-time high.
Despite the significant upside momentum, SOL’s Relative Strength Index (RSI) remains below the overbought zone, indicating that the altcoin has sufficient room to continue its upward trajectory.
SOL’s bullish trend appears to be influencing 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 experienced price surges of over 331%, 22%, 14%, and 8%, respectively.
These significant gains come at a time when other major assets like Bitcoin (BTC), Ethereum (ETH), and XRP seem to be struggling to gain momentum.
Meanwhile, other popular Solana-based tokens, such as Dogwifhat (WIF) and Popcat (POPCAT), appear to be struggling. This highlights that simply being built on the Solana blockchain is not enough to gain attention, a token also needs bullish price action, along with significant trader interest and confidence.
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