SOL is up more than 20% this week, and data suggests that the rally will continue.
Solana’s native token SOL (SOL) surged 22.5% between Nov. 5 and Nov. 7, reaching its highest level in seven months. This rally mirrored broader altcoin gains, which rose by 17% as Bitcoin (BTC) reached a new all-time high on Nov. 7.
A significant portion of the bullish momentum can be attributed to President-elect Donald Trump’s victory in the United States presidential election and the Republican party securing majority control of the Senate, which suggests the potential for more innovation-friendly regulations in the cryptocurrency sector.
SOL’s rising demand was accompanied by a jump in leveraged positions, with aggregate open interest for Solana futures reaching an all-time high on Nov. 7. Despite the higher risk of forced liquidations in the event of a SOL price correction, derivatives data points to further upside potential.
