Solana price has had a particularly strong day; the asset is up 12% in the past 24 hours helped by such factors as the release of the TRUMP meme coin, and new filings relating to Solana ETFs. Analysts are now expecting an upward trend for the cryptocurrency, midterm targets indicate a possibility of the coin rising to $ 444.
Solana Price Gains Momentum Amidst Bullish Developments
At the time of this writing, Solana is trading at $243, up by 12.2% in the blink of an eye in the last 24 hours. This rise has benefited from a 92% rise in daily trading volume that is currently above the $12.75 billion mark.
According to Data stats from the Coinglass in the latest market show that Solana’s open interest has risen by 23% with an estimated value of 8.33 Billion. Moreover, short liquidations are at $27 million for 24-hour liquidations, and $17.42 million. The experts explained the between daily growth rates of Solana and global optimism in the market due to the new meme coin launch called TRUMP.
Hearing crypto analyst Michael van de Poppe weigh in on the phenomenon, he said, “The TRUMP meme coin is sucking up liquidity.” And once it rotates, other altcoins may bear on with their rally.”
Bullish Predictions for Solana Price
Market analysts concerning the price of Solana have good things to say about it. Commodity supposition expert Captain Faibik has forecasted a midterm prediction of $444 for Solana, with an undeviating rally.
Another well-known analyst by the name of Ali Martinez has seen a technical breakout in the price of Solana. Speaking of Solana, Martinez said he saw a “cup-and-handle formation” and expects further growth to $4,700. This if achieved will be 20 times the current trading levels.
TRUMP Meme Coin Launch Fuels Solana Activity
The TRUMP meme coin has greatly affected the performance of the network. The TRUMP coin was publicly disclosed by President-elect Donald Trump, 48 hours before his swearing-in.
Speaking of the price of TRUMP, data from CoinGecko shows that its price has risen by 500% to $23.9 although its market cap is arguably at $ 4,939, 321. This is therefore the biggest Solana meme coin and overtakes BONK, WIF, and PENGU.
Pump operators and other whales have continued to pump more volume into the TRUMP token as well. The first whale with the wallet number “Fpj236…uVJr” cashed out $14.3 million worth of SOL from OKX to purchase 1.27 million TRUMP tokens. Another whale with the address; GiQtBS…ZFVx sold 8.5 million USDC to purchase 1.03 million TRUMP tokens.
This activity is also seen in the Solana ecosystem since the increased activity of the TRUMP token has contributed to the increase in Solana’s price as the overall network activity has remained at an all-time high.
Rising Interest in Solana ETFs
Some issues are of interest now, such as Solana-based exchange-traded funds (ETFs). Volatility Shares filed for a Solana Futures ETF in December last year and Proshares filed another prospectus for it in January this year.
As we can see, there is no Solana future on the CME today but, there are conjectures about the potential of such ETFs. Bloomberg ETF strategist James Seyffart also asked if the current market of SOL futures on Coinbase is large enough or liquid enough to support these funds.
Observe that the ETF filings are an indication that institutions are warming up to Solana, and this might add to Solana’s position in the market.
The most recent development as to Solana’s price movement is revealing its growing place in the space. Strong price projections coupled with increasing network traffic and growing institutional demand imply a possibility of a focused Solana in the progressing crypto space.
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