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

Solana surpassed the $200 threshold for the first time in seven months of trading. The token saw its price increase by 8.69% as the crypto market recovered following the US elections.

According to crypto.news data, Solana(SOL) is currently trading at $203.88. In the last 24 hours of trading, the token is up 8.69%. In the last seven days, Solana is on a green line with an increase of 22.25%.

Over the past year the SOL price has seen a 370% change. At the time of this writing, Solana is ranked fourth by market cap in the crypto.news rankings. Solana currently has a market cap of $95.8 billion. SOL’s token supply stands at $471 million.

Solana is still 23% away from its all-time high price of $260, which occurred in November 2021, but it appears to be riding the crypto market’s bullish wave amid Trump’s presidential victory.

SOL price chart in 24-hour trading | Source: crypto.news

On US election day, the crypto market saw a bullish trend following Donald Trump’s election victory as well as a group of pro-crypto candidates elected to the House of Representatives.

As previously reported by Crypto.news, on election day, global crypto market capitalization increased by 5% in the last 24 hours, reaching $2.56 trillion. Daily trading volume has nearly doubled and now stands at $236 billion.

Bitcoin(BTC) reached an all-time high of $75,011, while Ethereum(ETH) traded at $2,590, up 6.3%. At the time of writing, ETH’s price is already approaching $3,000 after rising 3.59% in the last 24 hours, according to Crypto.news data. Meanwhile, Bitcoin is still in an uptrend and is trading at a record-breaking $76,278.

According to data from Stand With Crypto, there are an estimated 266 pro-crypto candidates elected to the House of Representatives following Trump’s presidential victory. Trump has been quite vocal about his support for the crypto industry, promising to create a Bitcoin reserve and fire Securities and Exchange Commission Chairman Gary Gensler.