The crypto market is rallying 6.8% following the US presidential elections, which made Bitcoin soar to a new all-time high (ATH). As a result, most of the market saw a green daily close, with Solana (SOL) recording a 15.8% surge in the last 24 hours and regaining a key support level.
Solana Dethrones BNB As 4th Largest Crypto
The result of the US elections gave the crypto market the long-awaited boost many investors and market watchers expected. In the early hours of Wednesday, the largest cryptocurrency by market capitalization surged about 8.6% toward its new ATH of $75,358.
This surge, fueled by the victory of pro-crypto Republican candidate Donald Trump and a mostly crypto-friendly Congress over US Vice President Kamala Harris, ignited a bullish rally across the market.
Solana followed BTC’s lead and jumped over 15% to turn the $180 level into support. Moreover, the cryptocurrency reached its highest price since July, nearing the $190 resistance level.
SOL’s daily activity skyrocketed in the last 24 hours, rising 210% to a $10.7 billion daily trading volume. Meanwhile, the cryptocurrency saw a 14.66% increase in market capitalization, surging to an $88.1 billion market cap.
As a result, Solana flipped Binance Coin (BNB)’s $85 billion market cap, dethroning BNB as the fourth largest cryptocurrency by this metric. This performance fueled investors’ bullish sentiment on the cryptocurrency, with some market watchers predicting a bullish wave towards Q1’s highs.
Is SOL Getting Ready For $400?
Solana was deemed one of the strongest cryptocurrencies during Q3’s market retraces, holding above its breakout levels while most altcoins struggled. Following last night’s performance, crypto Trader Koz called SOL’s chart “one of the absolute best-looking charts out there.”
The cryptocurrency’s surge above the $180 mark represents a breakout from an 8-month consolidation range that started after Solana hit its yearly high of $202. Similarly, World of Charts considers SOL as ‘looking more bullish than before.”
The analyst that the cryptocurrency finally broke above the upper line of a bullish flag pattern after nearly breaking above it in late October. World of Charts suggested that after the successful breakout, a massive bullish wave is around the corner.
To the analyst, this wave could ultimately send Solana’s price toward a new ATH of $400. Moreover, crypto analyst Jelle the breakout, stating that SOL is ready to retest the yearly highs.
A reclaim of the $200 mark, not seen since March, could propel the cryptocurrency above its ATH of $260 in the coming weeks. However, it is key that Solana holds the $180 mark to continue its bullish ascend, as a rejection from this zone could see SOL’s price pullback to the $160 support.
SOL trades at $186.9, a 4.12% and 27.56% increase in the weekly and monthly timeframes.