SOL, the native cryptocurrency of the Solana network, recorded a notable bounce this week to reclaim the $200 mark. The bullish momentum surged with Bitcoin substantially above $90k and reports of Donald Trump’s pro-crypto initiatives. The Solana price gained further momentum with renewed investor interest shown in the derivative market and TVL rally.
According to Coingecko, SOL’s market cap stands at $103.6 Billion, while 24-hour trading is at $7.27 Billion.
Key Highlights:
- Donald Trump’s proposal for a US-first crypto reserve featuring Solana (SOL) among its prioritized assets has sparked a surge in network activity.
- A potential from flag pattern resistance sets Solana price for a $300 rally.
- The coin price sustaining above 50% Fibonacci retracement level and 200-day exponential moving average hints the broader market sentiment is bullish.
Trump’s US Crypto Reserve Proposal Fuels Solana Price and TVL Surge
In the last four days, the Solana price showcased a quick rebound from $169 to $212, accounting for 25% growth. The bullish turnaround can be attributed to broader market recovery and recent reports that President-elect Donald Trump is considering the establishment of a “US-first crypto reserve.”
The initiative reportedly aims to prioritize digital currencies founded in the United States, such as Solana (SOL), USD Coin (USDC), and Ripple (XRP), fueling the investors’ optimism toward their potential growth.
Furthermore, Solana’s total volume locked (TVL) has bounced from $8.28B to $9.55— a 15% increase — this week. The rise in locked assets implies a strengthening network utility as more users and developers commit to leveraging Solana infrastructure.
Flag Pattern Hints Major Breakout Ahead
Since later November, the Solana price has projected a downward trend from $264 to $213, registering a 19% loss. The falling price resonating within two converging trendlines shows the formation of a bull-flag pattern.
Theoretically, the current correction should bolster buyers to regain exhausted bullish momentum. With an intraday gain of 4.4%, the SOL price teases an upside breakout from flag resistance, paving the way for further growth.
Based on the flag technical setup, the post-breakout rally could chase potential targets of $280 and $310.
However, if the overhead resistance stands strong, the Solana price could continue the correction trend.
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