The price of Solana (SOL) has reached $240 for the first time in three years as the rally in cryptocurrencies continues to gather steam.
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Solana’s price rose about 3% in the last 24 hours, outperforming most other cryptocurrencies, as investors continue to pile into the digital token that is used to facilitate smart contracts. The price of Solana has now gained 53% in the last month, making it one of the top-performing cryptos and outperforming both Bitcoin (BTC) and Ethereum (ETH).
Bitcoin’s rally looks to have stalled around $90,000 and Ethereum is trading at $3,100. In contrast, Solana’s price continues to rise, with some analysts forecasting that it will soon surpass its all-time high of just under $260 set in late 2021.
Crypto’s Trump Rally
Solana and other cryptocurrencies continue to rally on expectations for less regulation and wider adoption of digital coins and tokens under a second Donald Trump presidency. Solana’s price had been marching higher before the U.S. election on November 5 and it is now accelerating.
Over the past 12 months, the price of Solana has gained 280% to trade near $240. Analysts say it likely won’t take much for the crypto’s price to reach a new all-time high above $260. There is even speculation that Solana might be the next cryptocurrency to get a spot exchange-traded fund (ETF).
Is SOL a Buy?
Wall Street analysts do not offer ratings and price targets on Solana. So instead, we look at the three month performance of the cryptocurrency’s price. As one can see in the chart below, the price of SOL has increased an impressive 54.81% over the past three months, outpacing equities and most other crypto.
