Key Points
Solana has outpaced rival Ethereum with a 27% increase in value over the past week, and a 6% rally on Friday. The altcoin is now trading at 12% below its all-time high of $295.83.
Solana vs. Ethereum
On-chain data intelligence platforms have confirmed that President Trump holds Ethereum. However, he chose to launch his meme coin, TRUMP, on the Solana blockchain. This has led to a rise in the popularity of Solana, along with other US-made tokens like XRP, Cardano (ADA) and Avalanche (AVAX).
According to a report by CNBC, the “Official Trump” coin was announced on the president-elect’s X and Truth Social accounts. It began trading on Friday at a price of $4.29 and has since rallied over 600% to $33.21.
The issuance and launch of the meme coin is the latest fundraising effort from team Trump. This follows two NFT collections, Trump Digital Trading Cards on the Polygon blockchain, and Trump Bitcoin Digital Trading Cards on Bitcoin and the DeFi platform World Liberty Financial on Ethereum.
Data from Santiment shows that Solana’s trade volume spiked on January 19 and has remained steady since then. The interest in Solana has also seen a surge this week, along with positive funding rates. This has helped SOL maintain its upward momentum.
Coinglass data reveals that open interest (OI) rose nearly 3% in the past 24 hours, reaching $7.40 billion. The options trade volume also saw a nearly 44% increase in the same timeframe.
According to Coinglass, traders on most centralized exchanges are bullish on Solana.
Greg Magadini, Director of derivatives at Amberdata, mentioned in an interview that VanEck applied for a Solana ETF in 2024. He believes that if the SEC becomes more friendly, the chances of approval could increase.
Solana is currently trading at $262.32, 12% below its all-time high of $295.83. Technical indicators on the SOL/USDT daily price charts suggest potential gains for Solana.
The launch of the TRUMP and MELANIA meme coins on the Solana blockchain has had a positive impact on Solana’s record $85 billion DEX volume. This has led to a bullish sentiment among traders.
However, concerns over insider allocations are rampant, according to tweets on X. The long-term market trends and the role of future meme coin launches remain to be seen.
