Following the failed assassination attempt on pro-crypto U.S. presidential candidate Donald Trump over the weekend, optimism within the crypto industry has surged. Bitcoin’s price rebounded above $63,000 after weeks of a bearish outlook, inspiring a positive trend in the altcoin market, with Solana (SOL) and Ethereum (ETH) leading the charge.
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Recent market data shows Solana’s price against the US dollar surged over 5% in the last 24 hours, reaching around $153 during Monday’s London session. This large-cap altcoin, boasting a fully diluted valuation exceeding $88 billion and a daily average traded volume of approximately $2.5 billion, rallied over 15% last week, signaling a strong bullish sentiment.
Solana’s price is approaching the apex of a weekly descending triangle after consolidating over the past four months. With a solid support level of around $122 established in the last four weeks, Solana appears well-positioned for a bullish rebound.
The weekly Relative Strength Index (RSI) rebounded by 50%, indicating the end of the recent correction. On the daily time frame, Solana’s price consistently closed above the 200-day Moving Average (MA), suggesting a continued uptrend.
According to popular crypto analyst Captain Faibik, Solana is preparing for the euphoric phase of the macro bull run, setting a price target of about $1,000.
The Solana network is supported by a vibrant online community of Web3 developers and investors. It is the only top layer-one chain with a dedicated smartphone, the Saga mobile. Alongside Ethereum, Solana is the only other altcoin with a pending spot ETF approval in the United States. Last month, VanEck filed for a spot Solana ETF with the U.S. SEC.
The Solana Web3 ecosystem has seen significant growth in recent months, with about $4.68 billion in total value locked and over $3.5 billion in stablecoin market cap. The ecosystem has also benefited from the rising popularity of its meme coin space, led by Dogfight (WIF), Bonk (BONK), and Popcat (POPCAT).
As of this writing, Solana-based meme coins had a market cap of approximately $7.1 billion and a daily average traded volume of about $1.4 billion.
Read Also: XRP News: Ripple Sells 40% Stake in Tranglo: What’s Behind the Surprising Move?
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