Solana Surges to $185 Amid Investor Optimism and Political Uncertainty

• At the time of writing, SOL is trading at $183.41, up 3.5% in the last 24 hours.
•  If the price manages to go above $187 level, then it will likely test $203 resistance level.

On July 22, the price of Solana reached $185, its highest point in the last two months, maintaining its bullish momentum, a climb of more than 3.5% in the previous 24 hours. Investors are becoming excited about the possibility of pro-crypto candidate Donald Trump winning, as the recent gains reflects on Joe Biden’s abrupt exit from the US presidential campaign.

The current uptick in Solana’s price reflects investors’ belief that the Democratic Party, headed by US Vice President Kamala Harris, may have trouble defeating Trump in the upcoming presidential contest.

Eyeing $200 Mark

Investors are curious as to if Solana is targeting the $200 level by tomorrow, when trading for Spot Ethereum ETFs likely begins. At the time of writing, SOL is trading at $183.41, up 3.5% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 33.49%.

If the price manages to go above $187 level, then it will likely climb all the way to test $203 resistance level. However, if the price breaks below $177 level, then it will likely test $171 support level.

Data reveals that other components of the ecosystem are also dominating the market, extending Solana’s (SOL) dominance this cycle beyond just its price.

In earlier bull markets, Ethereum had a stranglehold. The Decentralized Exchange (DEX) volume of Solana, according to DeFiLlama, surpassed that of Ethereum and BNB Chain put together in the last 24 hours.

Even though Ethereum and BNB Chain both have bigger weekly rises, Solana still managed to top the list. Solana had a $2.24 billion DEX volume. Ethereum stands at $1.41 billion, while BNB Chain is $703.19 million.