Solana (SOL) is currently the best-performing cryptocurrency in the daily charts among the top 10 projects by market cap. The asset has rallied 6.7% in the last 24 hours, 12.1% in the weekly charts, 13.8% in the 14-day charts, and 16.7% over the previous month.

SOL has also risen by 535.5% since October 2023, becoming one of the best-performing assets of the last year. SOL has outperformed industry giants Bitcoin (BTC) and Ethereum (ETH).

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Factors Driving Solana’s Rally

Why Is Solana Rallying?

SOL’s latest rally comes amid Bitcoin (BTC) moving closer to the $70,000 mark. The original cryptocurrency is only 6.4% away from its all-time high of $73,737.94, which it attained in March of this year.

SOL has witnessed an increase in trading activity over the last week. SOL-based memecoins, such as Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), etc., have also experienced healthy gains over this year.

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The crypto market rally could be due to investors expecting Donald Trump to take power after the upcoming Presidential elections. Many analysts anticipate a market-wide rally if Trump takes charge of the Oval Office due to his pro-business and pro-crypto stance.

Will The Asset Hit $200?

Solana (SOL) has had an incredible few years. The asset fell to sub-$10 levels after the collapse of FTX in November 2022. Since its 2022 lows, the asset has made quite a comeback, briefly reclaiming the $200 level earlier this year.

According to CoinCodex analysts, SOL will continue rallying over the next few weeks, hitting $184.88 on Nov. 17, 2024. Reaching $184.88 from current price levels will entail a rally of about 8.6%.

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Changelly, on the other hand, is slightly bearish on SOL. The platform anticipates the asset to trade at a potential maximum price of $157.27 in November. Reaching $157.27 from current price levels will translate to a dip of about 7.59%.