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A renewed surge of meme coin mania on the Solana network, driven by Donald Trump’s election victory, has sparked a significant rise in user activity since early November. This heightened demand positions Solana’s native coin, SOL, to potentially reclaim its all-time high of $260.
Currently, SOL trades just 6% below this peak, leaving the market speculating on how soon it might reach that milestone.
Users Flock to Solana for Its Meme Coins
Solana-based meme coins have witnessed significant price growths since Trump’s November 5 victory. This rally has been led by Peanut (PNUT), a squirrel-themed meme coin, whose value has soared over 2,700% in the past two weeks.
The surge in the token’s price followed multiple endorsements by Elon Musk on X, coinciding with the launch of the United States Department of Government Efficiency (DOGE). In fact, it hit a peak market cap of $2.4 billion on November 14.
Another Solana-based meme coin that has seen tremendous growth over the past week is nomnom (NOMNOM). Described as “a hungry hamster on the Solana network,” the token’s price has rocketed by almost 400% in the past seven days.
The growing trading activity surrounding these tokens and other smaller-cap memecoins has driven a significant surge in user demand on the Solana network. According to Artemis, the number of active addresses completing at least one transaction on the L1 has reached 6 million month-to-date, marking a 14% increase.
This rise in user activity has also fueled a notable uptick in daily transactions. Over the past 17 days, Solana has processed 45 million transactions, marking a 7% increase, per Artemis data.
Additionally, decentralized exchanges on the Solana network have experienced a significant surge in activity. Since the start of the month, transaction volumes on these platforms have skyrocketed by 252%, surpassing an impressive $6 billion.
SOL Price Prediction: All-Time High Now Within Reach
This heightened activity on the Solana network has positioned its native token, SOL, to potentially reclaim its all-time high of $260. At press time, SOL trades at $244.68, 6% away from this price peak.
BeInCrypto’s analysis of the SOL/USD one-day chart indicates a sustained bullish sentiment for the altcoin. The Elder-Ray Index, which measures the strength of bullish versus bearish forces, currently sits at 55.97, signaling that bull power is prevailing.
A positive reading suggests stronger bullish pressure. If this trend continues, SOL could potentially climb back to its all-time high of $260 and possibly surpass it.
However, if selling pressure strengthens, the coin’s value may dip to $205.99. Should this level fail to hold, the Solana coin price may slip under $200 to trade at $163.99.