Solana Breaks $200 Threshold for the First Time in 7 Months of Trading

Solana(SOL) is currently trading hands at $203.88. In the past 24-hours of trading, the token has gone up by 8.69%.

Solana (CRYPTO: SOL) broke through the $200 threshold for the first time in seven months of trading as the token's price saw an 8.69% rise amid a crypto market rally following the US election.

Solana is currently trading at $203.88, up 8.69% in the past 24 hours. In the past seven days, Solana has seen a 22.25% increase in its price.

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

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

On the day of the US election, the crypto market experienced a surge in bullish sentiment following Trump's electoral victory and a group of pro-crypto candidates being elected to the House of Representatives.

According to crypto.news earlier report, the global crypto market capitalization increased by 5% over the past 24 hours on election day, reaching $2.56 trillion. The daily trading volume nearly doubled, reaching almost $236 billion.

Bitcoin (CRYPTO: BTC) reached an all-time high of $75,011, while Ethereum (CRYPTO: ETH) rose by 6.3%, trading at $2,590. At the time of writing, ETH's price is nearing $3,000, with a 3.59% increase in the past 24 hours, according to crypto.news data. Meanwhile, Bitcoin continues its bullish rally, trading at a record-breaking $76,278.

According to Stand With Crypto, an estimated 266 pro-crypto candidates were elected to the House of Representatives following Trump's presidential victory.

Trump has been open about his support for the crypto industry, promising to create a Bitcoin reserve and fire Securities and Exchange Commission Head Gary Gensler.