Solana broke its all-time high twice over the weekend, moving closer than ever to the $300 mark after President-elect Donald Trump launched his official currency, Official Trump ($TRUMP), on the blockchain Solana.
The market saw this as a huge pat on the back for the network as billions of dollars quickly flowed into Solana, with the token quickly gaining popularity among investors.
In just a few hours, $TRUMP soared to $75 per token while its market cap reached $15 billion.
Meanwhile, the price of Solana ($SOL) reached an all-time high of $295 per coin, but then stabilized much lower to finish at $252.34 on Sunday.
Due to this drop, $SOL price is witnessing a drop of 11% in the last 24 hours, but surged by 46.4% in the last 7 days with the help of $TRUMP.
President Trump’s decision to use Solana as the network of choice for a highly anticipated meme could have a huge positive effect on the network, as other celebrities and public figures may choose to do the same.
Solana has quickly moved away from its all-time highs: can it retest these levels soon?
Solana broke its all-time high yesterday, but sellers quickly dominated the price action and pushed the price down from the November 22 peak.
It should be noted that this is not necessarily bearish since $SOL had been rising for five consecutive days before the $TRUMP announcement.
Therefore, the rise may have triggered a significant number of take-profit orders and investors may have seen the news-driven spike as a good opportunity to take large profits early and then buy the asset at a lower price once the hype is over.
Today is an important day for the United States and the blockchain industry, as the first pro-crypto president is set to be sworn in. Trump’s inauguration day could lead to increased market volatility, especially if he mentions the word crypto or Bitcoin during his speech.
Meanwhile, the early days of his presidency could also be critical, as rumors indicate that Trump may be ready to sign a handful of executive orders that will support the sector’s growth and credibility.
For now, the future looks bright for Solana as $TRUMP has solidified its reputation as the preferred network for creating fan tokens and celebrity coins.
A breakout above $275 in the coming days could propel the price of this digital asset to $300 in no time for the first time in history and expectations are quite positive for its future with the help of ‘a favorable administration like that of Trump.
-Solaxy presale benefits from the launch of $TRUMP on Solana
The pre-sale event Solaxy ($SOLX)a layer two Solana scaling protocol also benefits from the credibility boost that $TRUMP gives to the network.
Over the past few days, the amount the project has raised has increased from around $10 million to $12.4 million as part of this major development.
The hype around meme coins and the huge popularity of decentralized finance (DeFi) protocols like Jupiter and Raydium have boosted the network’s transaction volumes and often caused its success rate to drop during peak trading periods. use.
Solaxy addresses Solana’s congestion issues by introducing an offline pooling mechanism that consists of grouping a larger number of transactions into a single block to increase Solana’s efficiency.
This will result in faster and cheaper transactions, which could be a huge boost for Solana by 2025. And at its presale price of $0.001608, $SOLX could become one of the most popular L2 tokens performing once listed on the stock exchange.
However, this price will only be available for the next 48 hours and will then be increased to reward early buyers.
To purchase $SOLX, go to the Solaxy website and connect your wallet. You can either exchange ETH, USDT, or BNB tokens or use a bank card to complete the transaction.
Visit Solaxy now
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