A renewed surge of meme coin mania on the Solana community, pushed by Donald Trump’s election victory, has sparked a major rise in consumer exercise since early November. This heightened demand positions Solana’s native coin, SOL, to probably reclaim its all-time excessive of $260.
At the moment, SOL trades simply 6% beneath this peak, leaving the market speculating on how quickly it would attain that milestone.
Customers Flock to Solana for Its Meme Cash
Solana-based meme cash have witnessed important value growths since Trump’s November 5 victory. This rally has been led by Peanut (PNUT), a squirrel-themed meme coin, whose worth has soared over 2,700% up to now two weeks.
The surge within the token’s value adopted a number of endorsements by Elon Musk on X, coinciding with the launch of america Division of Authorities Effectivity (DOGE). In actual fact, it hit a peak market cap of $2.4 billion on November 14.
One other Solana-based meme coin that has seen large development over the previous week is nomnom (NOMNOM). Described as “a hungry hamster on the Solana community,” the token’s value has rocketed by virtually 400% up to now seven days.
The rising buying and selling exercise surrounding these tokens and different smaller-cap memecoins has pushed a major surge in consumer demand on the Solana community. In accordance with Artemis, the variety of energetic addresses finishing no less than one transaction on the L1 has reached 6 million month-to-date, marking a 14% enhance.
This rise in consumer exercise has additionally fueled a notable uptick in day by day transactions. Over the previous 17 days, Solana has processed 45 million transactions, marking a 7% enhance, per Artemis information.
Moreover, decentralized exchanges on the Solana community have skilled a major surge in exercise. Because the begin of the month, transaction volumes on these platforms have skyrocketed by 252%, surpassing a formidable $6 billion.
SOL Value Prediction: All-Time Excessive Now Inside Attain
This heightened exercise on the Solana community has positioned its native token, SOL, to probably reclaim its all-time excessive of $260. At press time, SOL trades at $244.68, 6% away from this value peak.
BeInCrypto’s evaluation of the SOL/USD one-day chart signifies a sustained bullish sentiment for the altcoin. The Elder-Ray Index, which measures the energy of bullish versus bearish forces, at the moment sits at 55.97, signaling that bull energy is prevailing.
A optimistic studying suggests stronger bullish strain. If this pattern continues, SOL might probably climb again to its all-time excessive of $260 and presumably surpass it.
Nonetheless, if promoting strain strengthens, the coin’s worth could dip to $205.99. Ought to this degree fail to carry, the Solana coin value could slip beneath $200 to commerce at $163.99.
Disclaimer
According to the Belief Mission pointers, this value evaluation article is for informational functions solely and shouldn’t be thought-about monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to alter with out discover. All the time conduct your individual analysis and seek the advice of with an expert earlier than making any monetary selections. Please word that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.