Solana's price has surged past the $208 support/resistance mark, leading major investors like Crypto Tony to initiate long positions. Could SOL be the top cryptocurrency to purchase right now? At the time of writing, $SOL is trading at $217, slightly below Friday's peak of $220. The upward momentum in SOL's price is largely due to the positive effects of Donald Trump’s victory, as the President-elect is reportedly considering an America-first crypto reserve that would include 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 bullish run has sparked a growing interest in Solana beta projects like Solaxy (SOLX) , which is the first major Solana Layer-2 token. The presale for SOLX has already amassed nearly $11 million, with early investors anticipating potential returns of up to 10x. Could Solana Become a US Reserve Asset? According to the New York Post , Donald Trump is contemplating an executive order to establish an America-first crypto reserve, incorporating assets like XRP and Solana. If the United States decides to recognize Solana as a reserve asset and begins accumulating it, SOL's price could easily exceed the $1000 target set by bullish investors for 2025. Its price trajectory could align with analyst Ali Martinez 's forecast, which suggests SOL might reach $4000 in the coming years after breaking out of a cup-and-handle pattern. However, the likelihood of a Solana reserve remains low. It is uncertain if Donald Trump could establish a crypto reserve solely through an executive order, without legislative backing from the US Congress. Experts also question the feasibility of a Strategic Bitcoin Reserve. Nonetheless, Solana has several bullish narratives that could drive its growth. For example, the chances of a spot SOL ETF are promising, especially with pro-crypto Paul Atkins expected to lead the SEC. Moreover, Solana's inflation reduction proposal might be implemented next week, which bulls believe could transform it into "ultrasound money." Not surprisingly, leading traders like Unipcs, known as the Bonk Guy, are confident that SOL reaching $1000 is "inevitable." Is It Too Late to Invest in Solana? Investors who have been waiting on the sidelines still have time to buy SOL, despite its recent rise to $220. Having broken out of its recent downtrend and regained crucial monthly and weekly support levels, analyst Jelle predicts a bullish continuation for Solana, with a target of $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 well-known trader, Greeny , is even more optimistic and anticipates SOL will rally to its 1.618 Fibonacci level, currently at $416. With Donald Trump’s backing, it presents an appealing long-term investment for spot holders, potentially reaching between $600 and $1000 by 2025. Best Crypto to Buy Now? Solana's bullish momentum has sparked a demand for coins with high upside potential within the SOL ecosystem. So, what's the best cryptocurrency to invest in right now on Solana? One example is meme coins like Popcat and Dogwifhat, which are set for a significant breakout. However, new Solana ICOs might offer even greater potential, as both meme coins have already achieved valuations in the billions—POPCAT has since fallen to $700 million. Solaxy (SOLX) has generated considerable interest during its presale, raising nearly $11 million, with some key opinion leaders (KOLs) labeling it as the best crypto to buy now, fueled by the Solana reserve news. Solana's blockchain is gearing up for a potential "altseason" and could see a surge in activity in 2025, especially during the upcoming meme coin supercycle. However, the network has faced challenges such as transaction failures, downtime, and delays during heavy congestion. At one point during 2024's meme coin mania, nearly 75% of non-vote SOL transactions were failing. Solaxy's rollup architecture could be revolutionary—it will batch SOL transactions, execute them off-chain, and update the mainnet, ensuring zero downtime, exponential scalability, and fast, affordable transactions on both chains. Given that SOLX remains a low-cap token despite Solaxy's ambitious plans, it's no wonder that savvy investors are optimistic about its potential, with many expecting returns of up to 10x. Early SOLX investors are already reaping the rewards of its native staking pool, which currently offers a stunning reward rate of over 300% per annum, making it one of the best cryptos to buy now for stakers. Visit Solaxy Presale Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Bitzo, nor is it intended to be used as legal, tax, investment, or financial advice.
ETP: Exchange-traded patience
