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After an already strongly bullish office week, the Solana greatly accelerated its rise on Saturday, reaching a new historic record at $270and remaining close to this threshold this Sunday morning, while an unexpected event put certain parts of the crypto market in turmoil.
At the time of writing this article, SOL/USD showed a gain of 18% over 24 hours and 40% over a week, which allowed it to climb to the 5th position of the largest cryptos by capitalization, passing ahead of the BNB. Furthermore, the Solana now displays a gain 58% since the last significant low dating from Monday.
Trump launches his meme-coin on the Solana network, the crypto market in turmoil before his inauguration
Donald Trump, whose second term as president of the United States will begin on Monday, therefore launched an “official” meme-corner in his image, the $TRUMP, based on the SOL blockchain. Unsurprisingly, the token immediately exploded higher, posting a gain of more than 300% over 24 hours at the time of writing, but Solana also benefited greatly.
Announced on his Truth Social account, this launch was a total surpriseand knowing that many traders are currently away for the weekend, we can expect the consequences to be felt on the market again today and tomorrow.
Note that the fact that Trump is launching an official meme-token confirms his intention to relax the regulation of cryptocurrencies, and adds grist to the mill of those who think that he will sign presidential decrees relating to cryptos from its first day in the Oval Office.
With regard to Solana, this also means that spot ETFs could quickly emerge. After BTC and ETH in 2024, SOL is in fact, with XRP, the next most likely candidate to be the subject of an ETF, which would trigger massive inflows into crypto.
The digital assets market therefore expects a lot from Trump, and yesterday’s surprise is clearly going in the right direction. However, this also means that he has no room for error, and that the absence of strong and rapid action during his first week back in power could trigger a severe correction.
Heading for the round threshold of $300 for SOL after new records?
From the point of view of technical factors, it should be noted that the rise in the Solana since Friday has led to a crossing the downtrend line who had been blocking rallies since the end of November.
Earlier this week, the SOL had also crossed its 50 and 100 day moving averages, thus sending bullish signals.
The new all-time high of $270 is now the first potential obstacle to take into account, before the major psychological threshold of $300. On the downside, it is the $250 zone which is the first support, before that of $220, then the psychological threshold of $200.
Following yesterday’s record highs, a surge in Solana to new highs this Sunday appears unlikely, with investors likely to exercise more and more caution as Trump’s inauguration approaches, and buyers who benefited from yesterday’s rally may want to take profits.
Still, the weekend’s announcements and moves reinforce the positive outlook for cryptocurrencies, and suggest the bull market could still greatly accentuated over the next few weeks. However, this will also highlight crypto presales, which for some have the potential to prove much more lucrative than major cryptos.
This Pepe-inspired presale exceeds the $51 million mark: Last chance to buy
In this regard, Wall Street Pepe ($WEPE) is definitely one of the opportunities to watch, with a success that speaks for itself since the project has already raised more than $51 millionin just about two months!
Adopting the famous frog Pepe as a mascot, like many popular meme-corners, Wall Street Pepe is however not not purely speculativesince the project revolves around a trading support community aimed at uniting small traders against the whales of the market.
Wall Street Pepe also includes a robust staking program for its $WEPE, making it also a viable option for those focused on passive income. Knowing that the $WEPE pre-sale is in its last phase, before the introduction on the platforms, we recommend that those interested find out quickly!
Cryptoassets represent a risky investment.
Source : Wall Street Pepe
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This article does not constitute investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Cryptocurrency investments involve risks and may result in significant losses. You should only invest what you can afford to lose and carry out your own research before making any investment decisions.
