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SOL price increased by approximately 4.75% in a single day, surpassing $154 and reaching its highest level in nearly two weeks. Solana‘s price has risen by 26.85% from its recent low of around $121.50. According to the prediction platform Polymarket, Trump’s chances of winning the US presidential election in November rose from 62% at the beginning of the month to 71% on July 15.
What’s Happening on the Solana Front?
This could pave the way for more crypto-friendly regulations in the US and benefit cryptocurrencies like Solana, which are awaiting approval for spot exchange-traded fund applications, moving away from the strict approach undertaken by the US Securities and Exchange Commission (SEC) under the current Joe Biden administration.
Trump’s victory could particularly benefit cryptocurrencies like Solana, which are awaiting approval for spot exchange-traded fund applications. Analyst Lark Davis predicts that SOL’s value could increase ninefold following the approval of a spot Solana ETF.
Solana’s market data after the Trump assassination attempt also reflects the same. For example, SOL’s open positions increased by $140 million after the event, while funding rates turned positive.
Solana Chart Analysis
Today’s Solana price increases emerged immediately after the liquidation of short positions; the third-highest level after Bitcoin and Ethereum in the last 24 hours. As of July 15, the Solana futures market witnessed $7.67 million worth of short liquidations compared to $700,250 worth of long positions.
When numerous short positions are liquidated, it creates a buying frenzy as short holders are forced to buy back the asset to close their positions. This increased buying pressure can cause the price to rise further. Solana’s gains today were also part of a technical recovery occurring within the descending triangle range.
As of July 15, the price was in recovery mode a week after testing the lower trend line of the triangle as support, similar to multiple rises from the same trend line since April. If the fractal resumes its upward trend, the SOL price will likely rise further towards the upper trend line of the triangle, around $160, in the next few days.
