New
Why Solana Is Jumping Today
Solana (CRYPTO: SOL) is seeing strong gains in Friday's trading. The cryptocurrency's token price was up 2.9% over the last 24 hours of trading as of 4 p.m. ET. Meanwhile, Bitcoin was up 1.5% and Ethereum was up 2.6%.
The crypto market is gaining today following an executive order on cryptocurrencies issued by President Donald Trump yesterday, and Solana is taking part in the bullish momentum. In addition to forming a commission to explore regulations in the crypto space and outlining new protections for cryptocurrency miners, developers, and asset holders, the executive order establishes an exploratory stage for the creation of a U.S. digital asset reserve.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. See the 10 stocks »
Solana surges on Trump's pro-crypto executive order
Trump's new crypto order has formed a new advisory group to analyze regulations that currently affect the digital asset space and offer policy suggestions. The group has also been ordered to submit a report about the potential creation of a U.S. digital asset reserve with 180 days.
In addition to creating the new crypto group, the order lays out specific protections to protect lawful crypto miners, developers, and individual owners holding their digital assets in personal storage wallets rather than centralized third-party platforms. Trump's executive order is being viewed as a broadly bullish development for the crypto space, and it could wind creating particularly pronounced catalysts for Solana.
What's next for Solana?
Reports published last week suggested that Trump was in favor of starting that U.S. cryptocurrency reserve that also included tokens other than Bitcoin -- with preference being given to cryptos that originated domestically. Solana and XRP were specifically named as tokens that were being considered as part of the U.S. crypto reserve project.
Solana has been gaining some ground against Ethereum in the blockchain development space, and its token has been outperforming that of its rival lately. While Solana is up roughly 33% year to date as of this writing, Ethereum is down 1% across the stretch. If Solana were to be favored for inclusion in a U.S. crypto reserve project, it could continue to climb higher and make valuation gains against its larger competitor.
Should you invest $1,000 in Solana right now?
Before you buy stock in Solana, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Solana wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $902,242!*
Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*.
*Stock Advisor returns as of January 21, 2025
Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin, Ethereum, Solana, and XRP. The Motley Fool has a disclosure policy.
