The Solana price has broken out above the $208 S/R level, prompting prominent investors like Crypto Tony to open long positions on the asset. Is SOL the best crypto to buy now.
$SOL is trading at $217 at press time, marginally down from Friday’s high of $220.
The SOL price breakout is driven by the ongoing positive ramifications of Donald Trump’s win, with the President-elect reportedly now open to the idea of an America-first crypto reserve, featuring tokens like Solana and XRP.
$SOL / $USD – Update Reclaimed $208 i am back long pic.twitter.com/34VgBkoQjX
— Crypto Tony (@CryptoTony__) January 17, 2025
SOL’s bull rally has resulted in a strong demand for Solana beta plays like Solaxy (SOLX), which is the first prominent Solana Layer-2 token. The SOLX presale has already raised nearly $11 million, with many early buyers eyeing 10x returns.
Is A US Solana Strategic Reserve Possible?
The New York Post reported Donald Trump is mulling signing an executive order for the creation of an America-first crypto reserve, which will feature assets like XRP and Solana.
If the United States does declare Solana a reserve asset and starts stockpiling it, the SOL price would easily surpass the $1000 price target the bulls have set for 2025. Its price action would then resemble analyst Ali Martinez’s projection, who reveals SOL could hit $4000 in the coming years after breaking out of a cup-and-handle pattern.
However, the odds do not favour the possibility of a Solana reserve. It is unclear whether Donald Trump could create a crypto reserve with just an executive order, without the support of the US Congress. Experts are even dubious about the possibility of a Strategic Bitcoin Reserve.
Nevertheless, Solana has plenty of bullish narratives to rally on. For instance, the odds of a spot SOL ETF are high, with pro-crypto Paul Atkins set to become the SEC chair.
Similarly, Solana’s inflation reduction proposal could go live next week, which the bulls believe could make it “ultrasound money”.
Unsurprisingly, prominent traders like Unipcs, aka the Bonk Guy, are confident the SOL price hitting $1000 is “inevitable”.
Is It Too Late To Buy Solana?
Sidelined investors aren’t too late to buy SOL despite its rally to $220 today.
With Solana breaking out of its recent downtrend and claiming key monthly and weekly support levels, analyst Jelle believes it is poised for a bullish continuation to $330.
$SOL broke out from the downtrend, and reclaimed the monthly & weekly support level!Super clean price action – ready for higher.First target: $330. Send it. pic.twitter.com/84lmNTYmOY
— Jelle (@CryptoJelleNL) January 17, 2025
Another prominent trader Greeny is even more bullish and expects SOL to rally to its 1.618 Fibonacci level, which is currently hovering at $416.
With Donald Trump’s support, it is also an attractive long-term investment for spot holders and could hit anywhere between $600 and $1000 in 2025.
Best Crypto to Buy Now?
Solana’s bull rally has prompted a strong demand for high-upside coins in the SOL ecosystem. With that in mind, what’s the best crypto to buy now on Solana?
For instance, meme coins like Popcat and Dogwifhat are poised for a bullish breakout – although new Solana ICOs may have even higher upside as those two Solana meme coins already have or had a valuation in the billions – POPCAT has since dropped to $700 million.
Solaxy (SOLX) has attracted significant interest during its presale and has already raised nearly $11 million, with some KOLs calling it as the best crypto to buy now on the back of the Solana reserve news.
Solana’s blockchain is gearing up for a massive “altseason” and could experience significant traffic in 2025, particularly during the upcoming meme coin supercycle.
However, the network has struggled with failed transactions, downtime and delays during periods of heavy congestion. For instance, nearly 75% of non-vote SOL transactions were failing at one point during 2024’s meme coin mania.
Now, Solaxy’s rollup architecture could be a game-changer — it will bundle SOL transactions into batches, execute them off-chain and publish the state chain back on the mainnet, resulting in zero downtime, exponential scalability and fast and cheap transactions on both chains.
Considering SOLX is still a low-cap token despite Solaxy’s ambitious goals, it is no surprise that smart money investors are bullish on its upside potential, with many eyeing up to 10x returns from it.
Early SOLX buyers are already benefitting from its native staking pool, which is currently offering a reward rate of over 300% per annum, ranking it among the best cryptos to buy now for stakers.
Visit Solaxy Presale
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