Solana on a multi-month high, market valuation hits $94 billion

Donald Trump’s pro-crypto victory in the United States contributed to Solana’s multi-month high. Donald Trump known for his pro-crypto policy, has reignited expectations for a more benevolent regulatory environment for digital assets, and the Solana altcoin looks poised to surpass its annual high of $211 due to sustained demand.

Many observers view this political change as a chance for Solana to get its ETF approved despite its challenges with the SEC, which still classifies Solana as a security.

Solana is currently the fourth most valuable cryptocurrency asset with a $94 billion market valuation. Donald Trump’s victory in the most recent US presidential election was a major catalyst for SOL’s recent growth.

The altcoin’s trading volume hit a three-month high of $8.33 billion during Wednesday’s session, November 6 following  Trump’s victory. The altcoin is currently trading above its 20-day exponential moving average (EMA), which calculates its average trading price over the previous 20 days, amid rising demand for Solana.

Solana’s bullish momentum is strong, as indicated by an RSI reading of 67, and buying pressure is probably driving the price higher. The index is not yet in the overbought area, though. This implies that the price may still have more upside potential.

Many believe that Trump’s return to the White House will benefit the cryptocurrency sector. During his campaign, the outgoing president pledged to support cryptocurrency without wavering,  dismissing SEC chairman Gary Gensler, who was well-known for his tough stance on digital assets.

Investors are thrilled about the promise because a change at the top of the SEC may result in a more accommodative stance toward initiatives like Solana. According to Balaji Srihari of CoinSwitch,

“Donald Trump’s victory signals a potentially more favorable regulatory environment for the crypto industry.” He added that the shift might lessen the SEC’s stance on assets like Solana.