Solana has left rival Ethereum, which is up 27% on a weekly basis and was up nearly 6% on Friday. Rising native tokens on the Solana blockchain, on-chain and technical indicators point to further gains for SOL next week.
Solana vs. Ethereum, Trump crowned winner
According to TradingView data, Solana has increased its value by more than 27% in the past seven days. Ethereum’s competitors extended their gains on Friday, rising another 6%. The altcoin is trading 12% below its all-time high of $295.83.
While on-chain data intelligence platforms confirm that President Trump owns Ethereum, the crypto advocacy leader has launched meme coin TRUMP on the Solana blockchain. Additionally, the Made in USA narrative favors Solana alongside other Made in USA tokens such as XRP, Cardano (ADA), and Avalanche (AVAX).
According to CNBC coverage The “Official Trump” coin, which went public on January 14, was announced late Friday night on the president-elect's It rose more than % to $33.21. .
The report lists the issuance and launch of meme coins as the latest fundraising activity from the Trump team, following two NFT collections on Polygon, Trump Digital Trading Cards.
Blockchain and Trump Bitcoin digital trading card on Bitcoin, and DeFi platform World Liberty Financial on Ethereum.
President Trump’s choice of Solana to launch his meme token crowns SOL the winner over rival Ethereum.
On-chain analytics supports Solana’s bottom line
According to Santimento data, Solana's trading volume spiked on January 19, and since then, the metric has remained stable and above the 2024 average. Solana's open interest has skyrocketed this week, and we've seen positive funding rates on most days this week. SOL prices maintained their upward momentum, supported by bullish sentiment.
Solana’s trading volume and user activity are stable, but could accelerate the altcoin’s rise. On-chain analysis is supported by bullish signals from technical indicators on the SOL/USDT price chart.
OI rose nearly 3% in the past 24 hours to reach $7.4 billion, according to Coinglass data. Options trading volume increased nearly 44% over the same period.
According to Coinglass’ long/short ratio, most centralized exchange traders are bullish on Solana.
US-based Spot Solana ETF could become a reality in 2025
Greg Magadini, director of derivatives at Amberdata, said in an exclusive interview with Crypto.news:
“VanEck has filed for a Solana ETF in 2024, and I think that story will come back. The big hurdle there is, is it a security or a commodity or something like that?” A friendly SEC would make the path to approval much easier.
We can see this kind of friendly landscape starting a new era of corporate meme coins. Obviously, there are meme coins that just launched on Solana like Trump and Melania, but you can also see things like Boeing Airlines just launched meme coins on Solana and then various companies are launching their own There's a possibility that there will be some sort of new meme coin as we launch things, and I don't know what that will look like, but I think the door has been opened. ”
Magadini remains positive that the Solana ETF will be approved in the U.S. in 2025.
Technical analysis and SOL price prediction
Solana is trading at $262.32, 12% below its all-time high of $295.83. On the daily price chart of SOL/USDT, technical indicators are supporting the rise in Solana price. The Relative Strength Index is sloping at 67, and the green histogram bars on the Moving Average Convergence Divergence Indicator indicate that there is underlying positive momentum in the SOL price trend.
SOL could find support in the fair value gap between $222.11 and $236.68.
Kraken analysts confirm that Solana continues its strong upward momentum after hitting a new all-time high above $260, trading above the major exponential moving averages. Kraken's OTC report quotes analysts.
“This impulsive move started with a failure to close below the 200-day EMA and trendline, with support around $168 and now the 50% Fibonacci retracement level at $230. On the back of this sharp rise, the RSI is approaching overbought territory around 75, reflecting strong bullish momentum but potentially causing caution for short-term traders. It shows.
A decisive daily close above $260 could confirm new bullish momentum, with $280 and $300 emerging as the next major targets, paving the way for further upside exploration. Highly sexual. However, if the price fails to sustain above $230, SOL could fall back to lower support levels, making $204 the next key area for the bulls to protect. ”
Analysts at Messari analyze the launch of Trump and Melania meme coins on the Solana chain and note that the impact on Solana's record $85 billion DEX volume supported bullish sentiment among traders. .
According to X's tweet, crypto market participants see this as a major milestone in crypto adoption, and concerns about insider allocations are widespread. How the meme token launch will shape long-term market trends, the role of meme coins in the future remains to be seen, and how President Trump's involvement in cryptocurrencies will shape the industry over the next four years Let me explain.
Disclosure: This article does not represent investment advice. The content and materials published on this page are for educational purposes only.
