Donald Trump is preparing to host the first-ever White House Crypto Summit on March 7, where he is expected to reveal further details on his administration’s approach to digital asset regulation and industry growth.

The market reacted sharply on Sunday after Trump proposed creating a national strategic reserve of Solana (SOL), Cardano (ADA), and XRP, causing prices to surge as much as 60%. However, traders remain cautious, awaiting clearer policy frameworks before fully embracing the rally.

“The announcement has fueled optimism, but we expect a period of consolidation as investors assess the viability of the proposed crypto reserve,” said Kevin Guo, director of HashKey Research, in a Telegram message to CoinDesk. “There are still regulatory and structural hurdles to overcome, as the Federal Reserve is currently restricted from holding Bitcoin, raising questions about how such a reserve would function.”

Guo added that more clarity could emerge from the upcoming Crypto Summit, which may introduce additional regulatory insights or market-moving announcements.

On Sunday evening, Trump took to Truth Social to confirm that XRP, SOL, and ADA would be part of the U.S. strategic crypto reserve. Shortly thereafter, he expanded the reserve to include Bitcoin and Ethereum, an idea he had promoted during his 2024 presidential campaign.

The news triggered an immediate market reaction, with Bitcoin rising 6.5% to surpass $93,000 on Monday and the CoinDesk 20 (CD20) index gaining 7% overall.

Other major tokens, including Chainlink (LINK), Uniswap (UNI), and Movement (MOVE), saw an 8% surge in the past 24 hours, primarily due to their ties to World Liberty Financial, an entity reportedly connected to the Trump family.

Despite the bullish momentum, some analysts remain cautious about the sustainability of the rally.

“Until further policy details emerge, we anticipate continued volatility,” said Chris Yu, CEO of SignalPlus, in a Telegram message to CoinDesk. “However, the rapid sentiment shift suggests that the crypto market could be entering a more extended bullish phase.”

Yu also pointed out that investors will be closely monitoring U.S.-traded crypto ETFs, which experienced record outflows last week. A reversal in this trend could indicate a stronger foundation for a prolonged market recovery.