Solana destroys historical records with the boost of TRUMP

Photo of author

By Berto R

The cryptocurrency market is still amazed. The TRUMP token – the official memecoin of the president-elect of the United States, Donald Trump – skyrocketed from the moment it was launched.

TRUMP went from being worth zero to having a market capitalization of $15 billion in just over 24 hours.

At the moment, memecoin ranks 13th by market capitalization:

13 cryptocurrencies and tokens with the highest market capitalization. Source: CoinMarketCap.

As a side effect of TRUMP’s rise, the cryptocurrency solana (SOL) has skyrocketedwhich is the native token of the Solana network. This is the network in which Trump “inhabits.”

SOL is setting new all-time highsas can be seen in the following graph provided by the CoinGecko platform:

Historical graph of the price of solana (SOL). Source: CoinGecko.

It is important to mention that the RSI indicator (relative strength index) is marking overbought levels for SOL at the moment. This is interpreted as the rise being too rapid. It would not be strange to see bearish corrections in the next few hours or days.

As NoticiasVE has anticipated, high volatility is expected in the cryptocurrency market as Donald Trump’s inauguration approaches, an event that will take place tomorrow, January 20, around noon.

In a context like this It is vitally important to have adequate risk management to avoid unwanted capital losses or, even worse, total liquidations due to trading with leverage in the futures markets.

Leave a Comment