The price of Solana has increased by another 10% due to new filings for Solana ETFs and the introduction of the Solana meme coin TRUMP, which has taken the cryptocurrency market by storm today, while the rest of the altcoin market is experiencing intense selling pressure. Additionally, the daily trading volume for SOL has surpassed $12.2 billion, a robust 92% increase.
Solana Price Surge Predicted
The price of Solana has increased 37% in the past five days, rising from its lowest point of $170 to $244. Market watchers think SOL may be poised for a significant upswing after weeks of consolidation.
Captain Faibik, a cryptocurrency analyst, has predicted that Solana (SOL) will rise sharply, indicating that the cryptocurrency is preparing for yet another bullish surge. Faibik highlighted the growing momentum in the asset and provided an optimistic midterm price forecast of $444 for SOL in a post on X.
Solana Breakout & TRUMP
However, cryptocurrency expert Ali Martinez has discovered a cup-and-handle pattern that represents a significant technical breakout for Solana. Martinez uses the technical charts in his essay on the X platform to forecast a price goal of $4,700 for Solana. Compared to the current levels at which SOL is trading, this represents a huge 20x gain.
After President-elect Donald Trump made a formal declaration earlier today, the Solana meme coin TRUMP became online. The announcement is made just two days before January 20, the day of Trump's inauguration. According to Coinify data, the price of the meme coin TRUMP has increased by 500% and is now trading at $23.9, with its market capitalization approaching $5 billion. With this, TRUMP has now surpassed BONK, WIF, and PENGU as the biggest Solana meme coin.
Additionally, the official TRUMP token has been the subject of insane whale activity. Significant efforts have been made by two prominent cryptocurrency whales to purchase TRUMP tokens. Whale “Fpj236…uVJr” withdrew 61,205 SOL, valued at approximately $14.3 million, from OKX to purchase 1.27 million TRUMP tokens at an average price of $11.25. Whale “GiQtBS…ZFVx” spent 8.5 million USDC to buy 1.03 million TRUMP tokens at an average price of $8.28.
Also Read: Solana Price Surge Approaching All-Time Highs
In Conclusion
New filings for Solana ETFs and the introduction of the TRUMP meme coin are associated with Solana's price spike. SOL increased 37% to $244 over the last five days. Additionally, trading volume has increased by 92%, reaching $12.2 billion. More gains are anticipated, with some analysts projecting a 1900% rally. With its current value of about $5 billion, the TRUMP currency has increased 500%, and whale activity indicates tremendous support for the token.
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