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,

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Author: Adrian Barkley