David Sacks and Solana’s Price Boost
Solana (SOL) has experienced a 5.42% surge, reaching $247 on December 6, largely due to the appointment of David Sacks as Donald Trump’s advisor on artificial intelligence and cryptocurrency. Sacks, an outspoken supporter of Solana, has confirmed his investment in the blockchain since 2022, and his appointment is seen as a major endorsement for the network. This increased visibility could potentially lead to a Solana-based ETF by 2025, further boosting SOL’s price.
Memecoin Mania Spurs Demand for SOL Tokens
The rise of memecoins like Dogwifhat (WIF), Bonk (BONK), and Peanut the Squirrel (PNUT) on the Solana blockchain is another key factor contributing to SOL’s price surge. As these memecoins gain popularity, network activity on Solana has surged, resulting in increased demand for SOL tokens to cover gas fees. This uptick in transaction volume has contributed to the higher price of SOL, alongside a rise in total value locked (TVL) on the Solana network.
SOL’s Path to $300: Price Target for 2024
With strong momentum behind it, Solana’s price is poised for continued growth. Technical analysis suggests that SOL could break through the $250 resistance level and potentially reach $300 by the end of 2024. As the memecoin trend continues to drive network activity and institutional interest in Solana grows, SOL’s price could see significant gains in the coming months.
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