The Solana price has risen sharply in the last few days and benefited particularly strongly from Ripple’s victory against the US Securities and Exchange Commission (SEC). But why was Solana able to rise so much as a result? Here are the top 3 reasons why Solana is a good buy today.
In the last few days, SOL prices rose sharply. The SOL token gained over 28% in value in the last 7 days. Previously, the SOL price was up more than 30% compared to the previous week. The reason for the massive surge was Ripple’s win over the SEC.
This made Solana the biggest winner of this news alongside the XRP coin. After heavy losses in the last few months, the Solana course has been able to increase again massively in the last few days.
Is Solana a Good Buy Today?
In the following we would like to give 3 reasons why the Solana price has been able to increase so much in the last few days:
1. Low Solana price up front
Prior to Ripple’s victory over the SEC, SOL price dropped several times over the past few weeks and months. As a result, the SOL price fell to a value that was very low compared to the potential of the network.
The victory of Ripple and the sharp rise in the XRP course set the initial spark that could bring the Solana course up.
2. Classification as a security is NOT certain now
In early June, the SEC mentioned the SOL token in a list of altcoins that the US agency says are securities under US law. Due to Ripple’s victory against the SEC, this classification is no longer certain.
There is an increased likelihood that SOL prices will be able to take legal action against the SEC and challenge a security classification.
3. Massive bull market potential
SOL prices rose massively in the last bull market. This could mean that the SOL token could again increase in value very strongly in the next bull market.
We are inexorably moving towards the next Bitcoin Halving in April 2024 . The bull market could be approaching soon. That should also increase the expectations of Solana investors again.
