Solana (SOL) saw a remarkable surge of over 22%, hitting a price of $172.38, following a significant announcement by former U.S. President Donald Trump regarding a new U.S. Crypto Strategic Reserve. The reserve, which will prioritize Solana, XRP, and Cardano (ADA), marks a notable shift as Bitcoin and Ethereum were added only later in the announcement.
In a statement, Trump criticized the current administration’s stance on cryptocurrency and emphasized the need to enhance the U.S. crypto sector. “I will ensure the U.S. becomes the Crypto Capital of the World,” he declared, positioning the reserve as a means to foster growth and innovation in the industry.
Solana’s dramatic price increase reflects growing investor confidence in assets aligned with Trump’s pro-crypto views. According to CoinMarketCap, Solana’s market capitalization surged to $87.5 billion, marking a 23.63% increase in just 24 hours. Additionally, trading volumes spiked by 134.07%, reaching $8.79 billion, signaling a surge in market activity.
The cryptocurrency market as a whole has responded positively to the announcement. Cardano (ADA) saw a massive 70% increase, pushing it above the $1 mark, while XRP surged 31%, reaching $2.83. Bitcoin (BTC) also gained 5.5%, crossing the $88,900 threshold. Experts suggest that this shift in U.S. crypto policy could foster greater institutional adoption and fuel long-term growth in the digital asset space.
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