- Solana price rallies 4.75% in one day, reaching a high of over $154
- Speculation about Trump’s pro-crypto stance if elected boosts SOL price
- Massive short liquidations contribute to the surge, adding buying pressure
On July 15, the cryptocurrency Solana experienced a notable increase in value, climbing by almost 4.5% within a single day to surpass $153—its highest mark in almost two weeks. According to CryptoLark, the surge is part of a broader upward trend for Solana, which has risen by nearly 28% from its recent low point.
Market Responds to Political Developments
The increase in Solana’s value coincides with heightened market speculation following a recent assassination attempt on Donald Trump, a U.S. presidential candidate known for his crypto-friendly positions. As Trump’s odds of election victory appeared to improve, reaching a 71% likelihood according to prediction markets, investors reacted positively. This optimism is partly due to the potential for more favorable crypto regulations in the United States, especially concerning the approval of spot exchange-traded funds (ETFs) for cryptocurrencies like Solana.
Impact of Short Liquidations on Solana’s Price
The rise in Solana’s price was also propelled by significant market activity, including the liquidation of short positions. On July 15, Solana saw the third-highest amount of short liquidations in the crypto market, totaling $7.67 million. This event forced traders who bet against the currency to buy back Solana at rising prices, intensifying the upward pressure on its market value.
These developments reflect the sensitivity of cryptocurrency markets to geopolitical events and regulatory expectations. With the potential for a shift in U.S. leadership, investors are closely monitoring the implications for crypto regulations and market dynamics.
