The resurgence of Meme Coin Coin fever on the Solana network, fueled by Donald Trump’s election victory, has sparked a significant increase in user activity since early November. This increase positions Solana’s native currency, SOL, to reclaim its all-time high of $260.
Currently, SOL trades just under 6% from this peak, leaving the market speculating about when it might reach that milestone.
Users flock to Solana for Meme Coins
Solana-based Meme Coins have seen significant price growth since Trump’s victory on November 5. Leading this revival is Peanut (PNUT), a squirrel-themed Meme Coin, whose value has skyrocketed more than 2,700% in the past two weeks.
The Token’s price spike comes after multiple endorsements from Elon Musk on X, coinciding with the launch of the US Department of Effective Government (DOGE). In fact, the coin reached its peak market capitalization of $2.4 billion on November 14.
Another Meme Coin on Solana that has also seen incredible growth over the past week is nomnom (NOMNOM). Described as “a hungry hamster on the Solana network,” the Token’s price has increased nearly 400% in the past seven days.
Increased trading activity around these tokens and other small-cap Memecoins has driven significant user demand on the Solana network. According to Artemis, the number of active addresses completing at least one transaction on L1 has reached 6 million month to date, an increase of 14%.
This increase in users has also fueled a significant spike in the number of daily transactions. In the past 17 days, Solana processed 45 million transactions, marking a 7% increase, according to data from Artemis.
In addition, decentralized exchanges (DEXs) on the Solana network have experienced a boom in activity. Since the beginning of the month, trading volume on these platforms has skyrocketed 252%, surpassing an impressive $6 billion.
SOL Price Forecast: All-time high now within reach
The surge in activity on the Solana network has positioned its native token, SOL, to potentially reclaim its all-time high of $260. At the time of writing, SOL is trading at $244.68, just 6% off its peak.
TinTucBitcoin’s analysis of the one-day SOL/USD chart shows a sustained uptrend for the altcoin. The Elder-Ray index, which measures the strength of bulls versus bears, is currently at 55.97, signaling the strength of the bulls’ dominance.
A positive reading indicates stronger upward pressure. If this trend continues, SOL could climb back to its all-time high of $260 and possibly surpass it.
However, if selling pressure increases, the coin’s value could drop to $205.99. If this price level does not hold, the price of Solana coin could fall below $200 to trade at $163.99.