Solana’s (SOL) price surpassed $220 for the first time since December 2021, just approximately $40 away from its record high of $260 established in the same month.
The likelihood of SOL reaching its previous peak of $260 has significantly increased due to the market-wide euphoria surrounding Donald Trump’s recent re-election as president of the United States.
SOL Price Eyes $600 in the First Year of Trump Presidency: MV Global Survey
During his electoral campaigns, Trump signaled a more favorable stance toward the crypto industry, including the potential appointment of a pro-crypto head for the U.S. Securities and Exchange Commission (SEC).
The SEC approved spot Bitcoin and Ethereum exchange-traded funds (ETF) in 2024 after deeming their native assets, BTC and ETH, commodities. However, the agency named Solana’s native token SOL as security in its July 2023 lawsuit against crypto exchange Coinbase, casting doubts on the potential approval of a spot SOL ETF is being approved.
Jacob Laufer, Chief Growth Officer at M^0, highlighted that optimism around potential regulatory clarity and approval of spot Solana ETFs has fueled bullish sentiment. A more crypto-friendly administration could enhance Solana’s appeal to institutional investors, complementing its strong retail interest.
Furthermore, a survey conducted by MV Global found that 30% of respondents expect SOL to exceed $600 before the next market cycle ends in 2025, while 44% of surveyed investors anticipate a market peak in the latter half of that year.
Solana Price Forecast
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2023: From $25 to $260
2024: From $125 to $800
If only you knew how big this is going to be…$SOL pic.twitter.com/qyJ0n9q3FJ
— CROW (@TheCrowtrades) November 7, 2024
Technical Patterns Show Exponential Growth as Trump Completes His Term
From a technical analysis perspective, Solana’s price movement suggests the potential for a massive new leg higher during the Trump presidency.
Notably, SOL is indicating a possible “cup and handle” pattern formation on the weekly chart, which has been developing over the past few years, as illustrated in the accompanying chart.
Solana’s price action from its all-time high in 2021 through its subsequent bear market low in late 2022 and recovery in 2024 forms the cup portion of this pattern. The recent consolidation near the $200-$220 level may constitute the handle.
The “cup” depth, measured from the peak of $260 to the trough near $8.30, provides a vertical distance that can be used to project potential upside. A successful breakout above the $260 resistance would imply a target of approximately $7,500 by November 2028, when Trump’s presidential term ends.
Such a rally would require sustained bullish momentum, regulatory clarity, and robust adoption of the Solana network.
