While the rest of the altcoin market is facing strong selling pressure, Solana price has surged another 10% amid fresh filings for Solana ETFs and the launch of the Solana meme coin TRUMP that has stormed the crypto market today. Also, the daily trading volume for SOL has also jumped by a strong 92% moving past $12.2 billion.
Bullish Solana Price Breakout Sets Stage for 1900% Rally
In the last five days, Solana price has gained 37% surging from the lows of $170 al the way to now at $244. After weeks of consolidation, market analysts believe that SOL could be heading up for a major surge ahead.
Crypto analyst Captain Faibik has forecasted a strong upward trajectory for Solana (SOL), suggesting that the cryptocurrency is gearing up for another bullish rally. In a post on X, Faibik shared an optimistic midterm price target of $444 for SOL, highlighting the increasing momentum within the asset.
Source: Captain Faibik
On the other hand, crypto analyst Ali Martinez has identified a significant technical breakout for Solana a cup-and-handle pattern. In his post on the X platform, Martinez projects a Solana price target of $4,700 based on the technical charts. This means a massive 20x gain from the current levels at which SOL is trading.
Source: Ali Martinez
As of press time, the SOL price is trading 12.2% up at $243 with a market cap of $117 billion and a 92% jump in the daily trading volume going above $12.75 billion. As per the Coinglass data, the Solana open interest has surged 23% to $8.33 billion. Also, the 24-hour liquidations have surged to $27 million with over $17.42 million in short liquidation. Speaking on today’s development, popular crypto analyst Michael van de Poppe said:
“Lots of strength on the SOL markets as the TRUMP meme coin is sucking up the liquidity. Once that rotates, the other Altcoins will continue their own momentum”.
Solana Meme Coin TRUMP Goes Live
Earlier today, Solana meme coin TRUMP went live following an official announcement from President-elect Donald Trump. The news comes just two days before the Trump inauguration on January 20.
As per CoinGeckco data, meme coin TRUMP price is up 500% and is currently trading at $23.9 with its market cap soaring closer to $5 billion. This already makes TRUMP the largest Solana meme coin beating the likes of BONK, WIF, and PENGU.
Furthermore, crazy whale activity has been recorded around the official TRUMP token. Two major cryptocurrency whales have made significant moves to acquire TRUMP tokens.
Whale “Fpj236…uVJr” withdrew 61,205 SOL, valued at approximately $14.3 million, from OKX to purchase 1.27 million TRUMP tokens at an average price of $11.25.
Whale “GiQtBS…ZFVx” spent 8.5 million USDC to buy 1.03 million TRUMP tokens at an average price of $8.28.
This is another reason behind the surge in Solana price today as the overall network activity has surged cause of the TRUMP coin launch. Furthermore, previous reports suggested that President Trump might consider Solana as part of US reserves along with other America-first coins.
SOL ETF Filings Continue
Filings for Solana ETF continue to be on the rise. Recently, asset manager ProShares filed for a Solana Futures ETF, which could serve as a prerequisite for future filings to spot ETF. Volatility Shares submitted a similar filing last month in December.
The development is noteworthy as Solana futures are not yet available on the CME. Bloomberg ETF strategist James Seyyfart questioned whether the Coinbase SOL futures market has sufficient size and liquidity to support such ETFs.
The post Why Is Solana (SOL) Price Up 12% Today? appeared first on CoinGape.
