David Sacks’ Influence on Solana’s Price Growth
Solana (SOL) saw a significant 5.42% increase in price, reaching $247 on December 6. This surge is attributed to the appointment of David Sacks as Donald Trump’s advisor on artificial intelligence and cryptocurrency. Sacks has been a supporter of Solana since 2022, publicly acknowledging his investment in the blockchain during his appearance on the All-In Podcast. His appointment is expected to bring increased visibility and institutional support to Solana, potentially paving the way for a Solana-based ETF by 2025, which could further enhance the appeal of SOL.
The Memecoin Trend Boosts Network Activity and SOL’s Price
Memecoins like Dogwifhat (WIF), Bonk (BONK), and Peanut the Squirrel (PNUT) have experienced a surge in popularity on the Solana network, driving up both network activity and the demand for SOL tokens. As the number of memecoin transactions increases, so does the need for SOL tokens to cover gas fees. This growing demand for SOL has contributed to the recent price surge, and the rising total value locked (TVL) on Solana’s blockchain further supports the positive price trend for SOL.
SOL’s Bullish Outlook: $250 Resistance and Potential for $300
Solana’s price is showing strong bullish signs, with technical indicators suggesting that SOL could break through the $250 resistance level and potentially reach $300 by the end of 2024. This projection is supported by the growing popularity of Solana-based memecoins, along with the potential for greater institutional investment. As Solana continues to gain traction, its price could see substantial growth in the coming months.
