Solana Rockets 12% as TRUMP Meme Coin and ETF Buzz Spark Crypto Frenzy!

by

Amidst a downward trend in the broader altcoin market due to selling pressure, Solana’s price has soared an additional 10%. This surge is attributed to recent filings for Solana ETFs and the introduction of the meme coin TRUMP on the crypto market today. Additionally, the daily trading volume for SOL has significantly increased by 92%, reaching over $12.2 billion.

Bullish Solana Price Breakout Sets Stage for 1900% Rally

Over the past five days, the price of Solana has experienced a significant increase of 37%, climbing from its low of $170 to its current level of $244. Following several weeks of stability, financial experts speculate that Solana could be on an upward trajectory for a potential major spike in the near future.

Captain Faibik, a seasoned crypto analyst, predicts a robust upward trend for Solana (SOL), indicating that this cryptocurrency could experience another bullish surge. In a recent post on X, he expressed an optimistic midterm price prediction of $444 for SOL, emphasizing the growing energy within the asset due to its rising momentum.

Conversely, crypto analyst Ali Martinez has spotted a substantial breakout for Solana (SOL), indicating a cup-and-handle pattern in his analysis posted on the X platform. According to this technical analysis, Martinez predicts a potential price target of $4,700 for Solana, which equates to an impressive 20x increase from its current trading levels.

At this moment, Solana’s price is currently increasing by 12.2%, sitting at around $243. Its market capitalization stands at a staggering $117 billion, and the daily trading volume has seen a significant boost of 92%, reaching over $12.75 billion. Data from Coinglass indicates that Solana’s open interest has risen by 23% to $8.33 billion. Moreover, today’s activity has led to an increase in liquidations, with 24-hour liquidations surging to $27 million and short liquidation accounting for over $17.42 million. Notably, crypto analyst Michael van de Poppe commented on the current situation.

There’s a significant surge in the SOL markets due to the popularity of the TRUMP meme coin, draining liquidity. When this trend shifts, other altcoins are expected to maintain and even build on their own growth trajectory.

Solana Meme Coin TRUMP Goes Live

Today, the Solana meme coin known as TRUMP was launched publicly, after a declaration by the then-President-elect Donald Trump. This exciting update surfaced only two days prior to his inauguration on January 20th.

According to CoinGecko statistics, the price of the meme cryptocurrency TRUMP has surged by an impressive 500% and is now being traded at approximately $23.9. This surge has significantly increased its market capitalization, bringing it close to a staggering $5 billion. As a result, TRUMP currently stands as the largest Solana-based meme coin, outperforming other popular options such as BONK, WIF, and PENGU.

Additionally, unusual whale behavior has been observed concerning the official TRUMP token. Notably, two prominent crypto whales have taken substantial steps to accumulate 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.

Today’s rise in Solana’s price can be attributed to an increase in network activity, spurred by the launch of the TRUMP coin. Additionally, past speculations indicate that President Trump may include Solana among the U.S. reserves, alongside other patriotic digital currencies.

SOL ETF Filings Continue

The number of applications for a Solana Exchange-Traded Fund (ETF) is increasing steadily. Notably, asset manager ProShares recently filed an application for a Solana Futures ETF, which potentially paves the way for further submissions for a spot ETF. Last month, Volatility Shares also submitted a similar application in December.

The progress is significant because, at present, Solana futures aren’t offered on the Chicago Mercantile Exchange (CME). This prompts the question from Bloomberg ETF strategist James Seyyfart: Is the Coinbase SOL futures market large and fluid enough to sustain exchange-traded funds (ETFs)?

Read More

2025-01-18 16:03