Solana Price Hits $200 Amid Trump Victory
Date: 2024-11-08 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
While still far from its all-time high of $260 set in November 2021, the price represents a significant gain, with Solana up 6.9% in the last 24 hours. Among leading cryptocurrencies, Solana was second only to Cardano, which rose 19.2%.
Presto Research analyst Min Jung, speaking to The Block, attributed Solana’s rise to strong support from meme coins that fuel the Solana ecosystem and power decentralized exchanges like Raydium. According to DeFi analytics platform Llama, total DEX trading volume in October exceeded $30 billion, indicating increased interest in Solana-powered decentralized trading.
In addition, the expert highlighted the significant improvement in the on-chain metrics of the Solana blockchain. In October, the total number of active addresses on the network reached a record high of 123.01 million, an increase of 42% compared to September. This growth reflects the sustainable development of the network and the strengthening of the user base.
According to the analyst, the Solana rate is also influenced by the optimism of investors counting on positive regulation in the field of digital assets, which may contribute to the approval of an ETF for cryptocurrencies. Although the exact timing is still unknown, such expectations fuel interest in Solana, which has a strong community of supporters and holders.
It is also worth noting that Syncracy Capital co-founder Daniel Cheung previously predicted the possible launch of the SOL-ETF as early as the first quarter of 2025 if Donald Trump is confirmed as the President of the United States. In his opinion, this event could become a powerful catalyst for further growth of the Solana rate.
Technical analyst Peter Brandt, in turn, predicted that Solana's price could eventually reach an impressive $4,500, which represents a potential increase of almost 27 times from current levels.
