Following Donald Trump’s announcement regarding the US strategic reserves of cryptocurrencies, including Solana (SOL), the price of this cryptocurrency surged by 15%. Previously, Solana was in a severe downtrend due to controversies around meme coins and decreased investor interest, causing its price to drop. However, the news about strategic reserves led to a rapid price increase for Solana. The token’s price jumped from $143 to $177.88 within minutes, although it has since slightly decreased to $160.31. Trading volume for Solana also surged by 465% to $13.74 billion in the past 24 hours, indicating high investor confidence in this asset. Additionally, Solana derivatives market witnessed a 30% increase in futures trading profits. Moreover, Solana’s trading volume on exchanges rose from $5 million to $12 million within an hour of the news, showing bullish sentiment with traders preferring long positions. Despite the price surge benefiting many, short traders faced losses. Over $72.53 million of Solana positions were liquidated, with $38.29 million from short positions. This further supported the upward trend and accelerated Solana’s price increase. Despite the price surge, Solana is still 44% below its all-time high. To continue the upward trend, this token needs sustained bullish momentum and support such as ETF approval and cryptocurrency strategic reserves confirmation. Check the real-time prices of all tokens and cryptocurrencies on the Digital Currency Price page.
