Why is Solana price up today?
Solana price is up today, registering a 13% ascent over the past 24 hours as the wider crypto community continues to celebrate Donald Trump’s win. Solana SOL $188.67 price is up on Nov. 6 as the market participants digest the implications of Republican President Donald Trump’s victory over Democrat US Vice President Kamala Harris.
Data from Coin telegraph Markets Pro and Trading View showed Solana price trading at $186, up 13% over the last 24 hours. SOL rose from a low of $156 on Nov. 5, climbing as much as 20.4% to a three-month high of $188 on Nov. 6. The upward momentum aligns with a broader cryptocurrency market rally and strong fundamentals within the Solana ecosystem. Let’s look at the factors driving SOL price up today.
Solana hits a new all-time high against Ether
The ratio showing SOL’s price strength against Ether ETH $2,848.71 surged to its greatest level ever, indicating that investors may be shifting away from the world’s largest altcoin. The SOL/ETH ratio surpassed 0.071 during the early Asian trading session on November 6, bringing the year-to-date gains to more over 60%.
The SOL/ETH pair has risen by more than 766%, from 0.0082 on January 1, 2023 to the current value of 0.071. This indicates SOL’s value has surged by more than 7.5 times that of ETH at the time. Increasing the SOL/ETH pair indicates that Solana outperforms Ether. At the time of publication, SOL was trading 70% higher than when it opened on January 1, whereas Ether was up only 11% in 2024.
Solana TVL jumps by $650 million
According to DefiLlama data, Solana’s total value locked (TVL) grew to $6.54 billion on November 5, up from $5.93 million on November 5. This represents a 10% increase (more than $650 million) in just 24 hours.
A closer look at the data shows that Solana outperforms other top layer-1 protocols across several timeframes. The data below illustrates that Solana’s TVL has climbed by more over 20% in the previous 30 days, compared to Ethereum’s 10% and BNB Chain’s 0.5% rises, respectively.
Solana-based tokens flash green
Solana’s surge on October 31 coincided with an ongoing decline in token values on its network. Most are making considerable daily advances, as illustrated in the graph below.
For example, Dogwifhat WIF $2.37, the leading Solana memecoin by market capitalisation, has up more than 15% in the last 24 hours. Similarly, Bonk BONK $0.00002233, Popcat POPCAT $1.55, and Jupiter JUP $1.03 have increased by 18%, 20%, and 13%, respectively, over the last day, according to CoinMarketCap data.
The total market capitalization of all Solana-based tokens rose from $262 billion on November 5 to $282 billion on November 6. The total trade volume increased by 140% during the same period.
For example, Dogwifhat WIF $2.37, the leading Solana memecoin by market capitalization, has up more than 15% in the last 24 hours. Similarly, Bonk BONK $0.00002233, Popcat POPCAT $1.55, and Jupiter JUP $1.03 have increased by 18%, 20%, and 13%, respectively, over the last day, according to CoinMarketCap data. The total market capitalization of all Solana-based tokens rose from $262 billion on November 5 to $282 billion on November 6. The total trade volume increased by 140% during the same period.
Bhattad, on the other hand, warned his followers to keep an eye out for any pullbacks below the $180 mark, which could derail the current trend. Meanwhile, fellow expert Amdtrades reckons SOL price must clear resistance above $190 before reaching new highs higher.
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