Solana (SOL) is riding the wave of the current market uptrend. The cryptocurrency has gained 2.8% on the daily chart, 15.9% on the weekly chart, 50.8% over the past 14 days, and 57.2% compared to last month. Since November 2023, SOL’s price has increased by an impressive 329.2%. Currently, it is only 6.8% below its all-time high of $259.96, achieved in November 2021, three years ago.
Why Is Solana Rising?
SOL’s latest surge follows Bitcoin’s (BTC) recent rally to a new record high of $93,477.11 last week. BTC’s upward momentum appears to have spilled over to other major assets, triggering a market-wide rally.
The cryptocurrency market has soared following Donald Trump’s victory in the U.S. presidential election. Many speculate that under Trump’s leadership, the industry may face more lenient regulations. Trump has shown strong support for the crypto sector, even allowing crypto donations for his campaigns.
Solana’s price increase may also be driven by the rising popularity of SOL-based memecoins. Memecoins like Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), Popcat (POPCAT), and Peanut The Squirrel (PNUT) have seen remarkable growth in recent weeks.
Will SOL Hit a New Record High This Week?
According to CoinCodex, Solana (SOL) is projected to continue climbing in the coming weeks. The platform predicts SOL will hit a new all-time high of $264.69 by December 8, 2024.
However, analysts at Changelly are slightly less optimistic. They do not anticipate SOL reaching a new record high in November or December. Instead, Changelly forecasts SOL to trade at a potential maximum price of $243.93 next month.
SOL’s performance over the coming days remains uncertain. A price correction could occur if investors begin taking profits.
