Solana (SOL) has experienced a 16.8% decline from its year-to-date high, causing its market cap to decrease to $105 billion. Despite the recent dip, SOL has several factors that could drive its price upwards in the long run. It poses a significant competition to Ethereum (ETH) and has seen a notable increase in its total value locked, reaching over $9.12 billion. Solana is the leading player in the Decentralized Exchange industry, surpassing Ethereum in seven-day volume. It also holds a large share in the Decentralized Public Infrastructure and meme coin sectors. The incoming Trump administration is anticipated to ease crypto regulations, potentially paving the way for a spot SOL ETF. The SOL price chart indicates favorable patterns, including a cup and handle pattern and a falling wedge pattern, suggesting a bullish breakout. The first target for SOL is its year-to-date high of $264, followed by $400.



Other News from Today