Solana (SOL) price just broke a new all time high, reaching $268.75 on January 18th, 2025. The cryptocurrency has surged by over 16% in the past 24 hours.
The TRUMP Effect on Solana’s Price Surge
A major driver of Solana’s recent price surge is the TRUMP token on the Solana blockchain. The meme coin was initially announced by former U.S. President Donald Trump on his Truth Social platform, and the currency quickly took over the world of cryptocurrencies.
In just the first three minutes of trading, the $TRUMP token saw it exceed $14.5 billion in market cap, $1 billion in trading volume and immediately rose 300%.
Not only did the Solana price experience a spike but this extraordinary debut of TRUMP token made Solana more visible and led to the increase in demand of the SOL tokens, which have also risen.
SOL Price Performance: Breaking Records
Currently, the price of Solana (SOL) is trading at $255.75 with a 16.33% increase in price over the past 24 hours.
Meanwhile, SOL hit a new all time high of $268.75, taking out key resistance levels during this period. The token has retraced by 2.71% from its peak but is on a strong bullish trajectory.
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Solana’s price has moved between $216.20 and the record breaking high as investor activity and bullish sentiment rained throughout the day.
Thankfully, Solana’s market capitalization has registered an impressive 15.78% increase over the past 24 hours to $124.44 billion.
That rise is a statement of growing investor faith in Solana’s potential and ecosystem growth.
Trading activity has had a huge spike too, reaching 24-hour trading volume of $17.68 billion, a 244.06% increase.
Technical Analysis: Bullish Momentum Sustains
On the daily chart of Solana, a breakout from a descending triangle pattern confirms a bullish reversal setup known as a technical pattern.
Weighty trading volumes have accompanied this breakout, signaling robust market participation and bullish momentum.
On the technical side it provides further support that prices will continue to grow. The Relative Strength Index (RSI) of 69.85 is slightly overbought, but it still remains within such a space that should continue to create further gains.
At the same time the MACD line is above the signal line, with a positive histogram, confirming strong bullish momentum.
Near support is still at $220 support, and immediate resistance is the recent high of $268.75. A breakout above this level could pave the way for Solana to hit $300 in the near future.
$300 Target in Sight
Considering that Solana has had strong technical performance, and market interest has been growing, and combined with the TRUMP token launch, the Solana has a lot of potential to move up.
With the signal to break out of the descending triangle pattern, the exciting mentions of its ecosystem make SOL testing the $300 level soon.
To establish the sustainability of the rally, investors must be closely watching trading activity and the price action in and around the $270 resistance level.
As with retail and institutional players drawn to Solana, its role in the cryptocurrency market grows clearer and clearer with each innovation.
Source: https://www.thecoinrepublic.com/2025/01/18/solana-price-hits-all-time-high-amid-strong-bullish-momentum/