Solana breaks through the $200 barrier after rising nearly 9%

Solana (SOL) has made a significant move in the crypto market, surpassing the $200 mark for the first time in seven months. The token surged by 8.69% in just 24 hours, bringing its price to $203.88, and it has been on a strong upward trajectory over the past week, increasing by 22.25%. This surge comes amid a broader rally in the cryptocurrency market, which is seeing a boost following the results of the US elections.

At the time of writing, Solana holds the fourth spot in the rankings by market cap, with a market capitalization of $95.8 billion. Despite this strong growth, it is still 23% below its all-time high of $260, which occurred in November 2021. Nevertheless, the recent rally has sparked optimism in the market.

The bullish sentiment in the crypto space is largely attributed to the outcome of the US election, where Donald Trump’s victory has energized the market, along with the election of 266 pro-crypto candidates into the House of Representatives. These results, along with Trump’s vocal support for the crypto industry—including promises to create a Bitcoin reserve and overhaul the leadership of the Securities and Exchange Commission (SEC)—have further fueled confidence among crypto investors.

The overall cryptocurrency market has also benefited from this renewed optimism. On election day, the global market capitalization rose by 5%, reaching $2.56 trillion. Bitcoin (BTC) and Ethereum (ETH) have both hit new price milestones, with Bitcoin reaching an all-time high of $75,011 and ETH trading near $3,000 after a 6.3% rise.

As the market continues to react to these political developments, many are keeping an eye on Solana’s performance and its potential to continue its upward momentum.