Solana Price Rises 25% Following Trump’s Strategic Crypto Reserve Announcement
The announcement of the US Strategic Crypto Reserve has triggered a bullish recovery in the crypto market, notably affecting multiple altcoins including Solana, XRP, Cardano, Ethereum, and Bitcoin.
- Solana's price surged nearly 25%, peaking at $180 before pulling back to $161, currently reflecting a 9.78% intraday decrease.
- The SOL price trend shows resilience, bouncing from a $135 support level and challenging the $180 supply zone.
- Solana Network leads decentralized exchange (DEX) trading volume with $105 billion for five consecutive months, outpacing Binance Smart Chain and Ethereum.
- In February, over $700 million worth of assets bridged to Solana, with $400 million coming from Ethereum, indicating a significant asset shift.
- The number of NFT users on Solana reached 146,000, commanding a 32% share of the NFT space.
Short-term projections suggest that if SOL surpasses the Fibonacci level of $184, it may aim for a resistance level of $213, maintaining a crucial support at $135.