A new wave of meme coin mania on the Solana The network, buoyed by Donald Trump’s election victory, has triggered a significant increase in user activity since early November. This increased demand positions Solana’s native coin, GROUNDto potentially reclaim its all-time high of $260.
Currently, SOL is trading just 6% below this high, leaving the market to speculate on when it might reach this milestone.
Users flock to Solana for its Meme Coins
Meme coins based on Solana have experienced significant price increases since Trump’s victory on November 5. This gathering was led by Peanut (PNUT)a squirrel-themed meme coin, which has soared in value by more than 2,700% in the past two weeks.
The token price surge followed multiple endorsements from Elon Musk on X, coinciding with the launch of the US Department of Government Effectiveness (DOGE). In fact, the market cap reached a high of $2.4 billion on November 14.
Another Solana-based coin that has seen considerable growth over the past week is nomnom (NOMNOM). Described as “a hungry hamster on the Solana network,” the token’s price has soared nearly 400% over the past seven days.
Growing trading activity around these tokens and other smaller-cap memecoins has led to a significant increase in user demand on the Solana network. According to Artemis, the number of active addresses making at least one transaction on L1 has reached 6 million since the start of the month, an increase of 14%.
This increase in user activity has also fueled a notable increase in daily transactions. Over the past 17 days, Solana processed 45 million transactions, an increase of 7%, according to Artemis data.
In addition, decentralized exchanges on the Solana network have experienced a significant increase in activity. Since the start of the month, trading volumes on these platforms have soared by 252%, surpassing an impressive $6 billion.
SOL Price Prediction: a record level now within reach
This increased activity on the The Solana network has positioned itself its native token, SOL, to potentially reclaim its all-time high of $260. At press time, SOL is trading at $244.68, 6% of that price peak.
BeInCrypto’s analysis of the SOL/USD one-day chart indicates sustained bullish sentiment for the altcoin. The Elder-Ray Index, which measures the strength of bullish forces relative to bearish forces, currently sits at 55.97, signaling that bullish strength prevails.
A positive reading suggests stronger bullish pressure. If this trend continues, SOL could potentially rally back to its all-time high of $260 and possibly surpass it.
However, if selling pressure increases, coin value could drop to $205.99. If this level fails to hold, Solana coin price could fall below $200 to trade at $163.99.
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