Solana Price Rocket’s 13% As Trump’s US Election Win Spurs Bullish Rally!
NOIDA (CoinChapter.com)—Solana (SOL) surged in value today, riding the bullish sentiment sweeping through the crypto and traditional markets following Republican Donald Trump’s U.S. presidential victory. Currently trading near $183, Solana’s price action reflects the broader optimism in the crypto space, as investors react to expectations of a more crypto-friendly White House.
With Bitcoin hitting a record high of $75,397 and other altcoins like Dogecoin spiking, Trump’s anticipated win has introduced a favorable atmosphere for digital assets.
US elections are all but decided at the time of writing.
Analysts and investors see Trump’s proposed policies—including tax cuts and potential fiscal measures—as likely to fuel inflation and keep interest in alternative assets high. Additionally, as the Reuters report highlighted, Trump’s policy outlook could lead to an uptick in inflation and bond yields, driving investors toward high-growth assets like Solana.
The prospect of regulatory relief under Trump has heightened confidence, making it clear that markets see his potential win as a harbinger of growth. With this tailwind, Solana positions itself as a top performer, suggesting that further gains could be on the horizon if these conditions persist.
Analyst Insights on Solana’s Bullish Trajectory
A recent analysis of Solana’s chart patterns and key technical indicators underpins the bullish outlook shared by prominent crypto analysts. Titan of Crypto, an independent crypto analyst’s tweet highlighted Solana’s breakout potential, underscoring the significance of the “Golden Cross” on the weekly Ichimoku Cloud.
An analyst highlighted that a Golden Cross might signal a potential 820% surge. Source: X
Historically, this pattern has preceded major rallies, as seen in Solana’s previous 820% surge after a similar setup. Titan’s projected target of $1,400 capitalizes on this trend, suggesting a possible continuation of the upward trajectory if similar conditions repeat.
The Golden Cross marks a pivotal moment, with the Ichimoku Cloud providing a strong foundation for further price advances.
Adding to the optimism, another crypto trader, TraderKoz, identified Solana’s breakout from an eight-month consolidation phase, aligning this breakout with Trump’s projected win.
Solana likely to break out after consolidation, targeting $500 amidst bullish sentiment.
Setting a target of $500, TraderKoz’s outlook emphasizes the strength of Solana’s chart structure and the potential for explosive growth as market sentiment remains high. The breakout confirms the accumulation phase has ended, signaling renewed buying interest in Solana.
Support levels around $150 could serve as a solid base, reducing downside risk and reinforcing bullish momentum.
Technical Pattern Adds To Bullish Outlook
Buoyed by the US presidential election results, the SOL USD pair might be on track to break out of an ‘ascending triangle pattern,‘ a bullish technical setup. SOL prices have run well over the past 48 hours, with the token up by nearly 20% since Nov. 5.
SOL USD pair formed a bullish technical pattern with a 227% upside target. Source: Tradingview
The pattern occurs when a horizontal resistance line connects swing highs while an ascending trendline links higher swing lows. This setup suggests increasing buying pressure as the price approaches the resistance level.
The significance of this pattern lies in the potential for a breakout. A surge in trading volume as the price nears the resistance level typically confirms the likelihood of a breakout above it.
The ascending triangle formation indicates that buyers are gaining strength, and a successful breakout could lead to further upward momentum for the SOL USD pair. Moreover, the technical setup provides a clear framework for assessing potential price movements in the near term.
In technical analysis, the pattern’s price target is calculated by measuring its height and projecting it from the breakout point. For the Solana token, this calculation suggests a price target near $603, a 227% spike from the current level.
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