Solana sets new all-time high as TRUMP-fuelled rally spurred price growth

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Solana sets new all-time high as TRUMP-fuelled rally spurred price growth
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Solana set a new all-time high of $295 as euphoria around the TRUMP memecoin spurs bullish interest
The network token rose over 20% on Saturday, January 18 as on-chain trading volume reached $27 billion

Solana’s network token, SOL, rallied to a new all-time high of around $295 following a spike in on-chain trading activity, which succeeded the announcement of an official TRUMP token late Friday, January 17.

Around 9:44 PM EST, President-elect, Donald Trump, tweeted the new memecoin from his official X account.

While initial buyers were cautious, thinking the announcement to be a result of hackers, crypto sleuths soon discovered the launch to be legitimate. Funds began to flow into the token one to three hours post-launch.

okex

The memecoin’s legitimacy, fuelled by Trump’s popularity in the crypto space and his political position, drew traders who transacted a total volume of around $27 billion over the 24 hours after the token’s launch.

Solana price action

SOL/USD Chart by CoinGecko

Solana rallied from $219.53 on Saturday morning to a high of around $290 on Sunday morning. However, the price didn’t close above the previous all-time high on the daily time frame.

SOL/USD Chart by TradingView

The price fell slightly from the new all-time high Sunday afternoon as open interest levels on Binance declined.

SOL’s price has begun to recover and trades at $264.32 as of publishing.





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