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Solana (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) price continues its rebound trend on July 15, drawing its upside cues from the recent assassination attempt on <a href="https://cointelegraph.com/news/republican-party-crypto-policy-platform-trump">pro-crypto US presidential candidate</a> Donald Trump.&nbsp;
SOL price gained roughly 4.75% in a single day, reaching over $154, marking its highest level in nearly two weeks. From its recent low of approximately $121.50, Solana's price has increased by 26.85%.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/cacbff90-97a5-44d6-ae0b-1327fda3607f.png" alt="Why is Solana (SOL) price up today?" title="">
 <figcaption style="text-align: center;">
 SOL/USD daily price chart. Source: <a href="https://www.tradingview.com/symbols/SOLUSD/?exchange=CRYPTO" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
<h2 id="trump-s-rising-odds-of-victory-boost-crypto-sol-price">Trump’s rising odds of victory boost crypto, SOL price</h2>
Trump's odds of winning the November US presidential election increased to 71% on July 15 from <a href="https://cointelegraph.com/news/polymarket-trading-volumes-reaches-100-million-from-us-election-markets">62% at the month's beginning</a>, according to the prediction platform Polymarket. This could pave the way for more crypto-friendly regulations in the US, benefiting coins like Solana that await approvals for their spot exchange-traded funds applications.
This could pave the way for more crypto-friendly regulations in the US, breaking away from the <a href="https://cointelegraph.com/news/only-donald-trump-can-save-crypto-from-joe-biden">stringent approach</a> undertaken by the US Securities and Exchange Commission (SEC) under the current Joe Biden administration. 
Related:&nbsp;<a href="https://cointelegraph.com/news/trump-reportedly-in-good-spirits-will-still-attend-nashville-btc-bitcoin-conference">Trump reportedly 'in good spirits,’ will still attend Nashville BTC conference</a>
A Donald Trump win may particularly benefit coins like Solana that await approvals for their <a href="https://cointelegraph.com/news/solana-etf-deadline-tipped-march-vaneck-21-shares-filings">spot exchange-traded funds (ETF) applications</a>. Analyst Lark Davis anticipates SOL's value will grow nine times following a spot Solana ETF approval, for instance.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/8628f9c5-f5f0-4cca-a2d5-7e73548037cb.png" alt="Why is Solana (SOL) price up today?" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/TheCryptoLark/status/1812144158078849112" target="_blank" rel="noopener nofollow">X</a>
 </figcaption>
</figure>
Solana's market data following the Trump assassination attempt reflects the same. For instance, SOL's open interest has climbed by $140 million following the event, while its funding rates have flipped into positive territory.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/fe8cf589-26d4-46d5-bd08-88ee1ae9f97e.png" alt="Why is Solana (SOL) price up today?" title="">
 <figcaption style="text-align: center;">
 SOL futures OI and funding rates. Source: <a href="https://www.coinglass.com/currencies/SOL" target="_blank" rel="noopener nofollow">Coinglass</a>
 </figcaption>
</figure>
<h2 id="solana-shorts-liquidated">Solana shorts liquidated&nbsp;</h2>
Today's Solana price gains appear further on the heels of the liquidations of its short positions—the third highest after Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) and Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>)—in the last 24 hours.
As of July 15, the Solana futures market had witnessed $7.67 million worth of short liquidations compared to $700,250 worth of longs.&nbsp;&nbsp;
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/0d9c46dc-c32f-49c6-b821-160c4e715e99.png" alt="Why is Solana (SOL) price up today?">
 <figcaption style="text-align: center;">
 Crypto market liquidations as of July 15. Source: TradingView
 </figcaption>
</figure>
When a large number of short positions are liquidated, it creates a buying frenzy as those holding short positions are forced to buy back the asset to cover their positions. This increased buying pressure can drive the price higher.
<h2 id="sol-price-analysis-descending-triangle-bounce">SOL price analysis: Descending triangle bounce</h2>
Solana's gains today are part of a technical rebound occurring its descending triangle range.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/43f5d1fc-3b7d-4a4a-84e4-fceb2f2ec081.png" alt="Why is Solana (SOL) price up today?">
 <figcaption style="text-align: center;">
 SOL/USD weekly price chart. Source: TradingView
 </figcaption>
</figure>
As of July 15, the price was in a recovery mode a week after testing the triangle’s lower trendline as support, akin to its multiple bounces from the same trendline since April. If the fractal plays out again, SOL’s price will likely climb further toward the triangle’s upper trendline at around $160 over the next few days.&nbsp;
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Why is Solana (SOL) price up today?

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