Solana price roared to a record high, helped by its strong fundamentals in the DEX and meme coin industry. While the SOL token has pulled back from its weekend highs, analysts expect that it has more upside to go. Key catalysts will be its DEX dominance, potential strategic reserves, and the robustness of its DEX ecosystem.
Key Reason Why Solana Price Could Surge 12.9x
One of the top fundamental reasons why the Solana price could surge by 12.9x or to over $3,300 in the next three months. According to Kook Capital, a popular player on X with over 137k users, the key catalyst for this surge will be Donald Trump.
Kook cited leaks that showed that Donald Trump will launch a Strategic Bitcoin Reserve and then offer 0% capital gain taxes on crypto investments. He also noted that three more coins will be launched soon, including one on Elon Musk. Other potential Trump coins to come are World Liberty Financial and one offering yields.
Insiders are upbeat about SOL price
Kook cited insiders who believe that the SOL price could jump by 12.8x in the next three months, pushing its value to $3,300. This move would push Solana’s market cap to over $1.5 trillion.
Trump and Melania Meme Coins to Usher A New Era
Solana price will also be boosted by the embrace of meme coins by Donald Trump and Melania Trump. The TRUMP token attracted a valuation of over $10 billion, while the new Melania token is worth almost $2 billion.
These are signs that many prominent people and companies will start to launch their official coins. For one, that could be a sign that the Trump administration will not crack down on the meme coin industry.
Solana has become the go-to chain for Solana chain for meme coins. Its tokens are now worth almost $30 billion, with other top names being Bonk, Fartcoin, and Pudgy Penguins.
Solana DEX Volume Surged to a Record High
Meanwhile, Solana’s network has proven that it can handle big events. Its chain handled over $27.6 billion volume, about a 10th of what NASDAQ handles. It handled $89 billion in the last seven days, bringing the cumulative volume to $769 billion.
That is a big event considering that the crypto industry is still in its infancy. The biggest DEX protocols in Solana are the likes of Raydium, Orca, Jupiter, and Meteora.
Solana Dex volume
Solana Price Analyis: What’s Next For SOL?
The weekly chart shows that the Solana price is in its second consecutive week of gains. It sits at the crucial resistance level at $265, the previous all-time high and the upper side of the cup and handle pattern.
C&H is a continuation sign that has a rounded bottom followed by some consolidation. The price target is established by measuring the cup’s depth and then extrapolating it from its top. In this case, the depth is about 100%, meaning that the SOL price may surge and hit the $535 resistance level soon.
Solana price chart
The bullish SOL price forecast will end if the coin plunges below the lower side of the handle at $170 will invalidate the bullish view.
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