Solana (SOL) was one of many cryptocurrencies named by President Trump in his submit a few strategic digital asset reserve within the US. On Mar. 2, President Trump took to Fact Social and acknowledged that the US digital asset reserve will embrace XRP, SOL, and ADA. Regardless of being named within the checklist of property for the US digital asset reserve, SOL has struggled to realize momentum over the previous few months.
Solana In Dire Straits
SOL climbed to an all-time excessive of $293.31 earlier this yr on Jan. 19. Satirically, the asset peaked in the future earlier than President Trump’s inauguration. SOL’s worth has fallen by 51% since its January highs.
Solana (SOL) has had a lackluster yr to this point. The asset is down 1.8% within the every day charts, 1.8% within the weekly charts, 9.7% within the 14-day charts, and 18.5% over the past month. SOL has maintained some positive factors within the yearly charts, rallying 5% since June 2024.
SOL was among the many best-performing cryptocurrencies of 2024. The challenge’s Pump.enjoyable platform was a probable motive for its unimaginable progress. The platform launched among the most profitable memecoins of final yr.
Solana (SOL) has additionally confirmed to be probably the most resilient crypto property. The cryptocurrency’s worth fell to beneath $9 after the collapse of FTX in 2022. SOL has hit a number of all-time highs since its 2022 plummet.
SOL’s present predicament could possibly be as a result of a normal bearishness within the crypto market. Most property have struggled to generate steam over the previous few months. Bitcoin (BTC) alone has hit new peaks. Different cryptocurrencies proceed to make small upswings.
SOL might see a surge in costs as soon as investor sentiment returns. If the US authorities begins accumulating Solana (SOL) for its strategic reserve, the asset might get the mandatory bump for a worth rally.
