David Sacks: A Major Influence on Solana’s Growth
Solana (SOL) has experienced a remarkable 5.42% increase, reaching $247 on December 6, outpacing many of the top cryptocurrencies. This surge is largely attributed to the appointment of David Sacks as Donald Trump’s advisor on artificial intelligence and cryptocurrency. Sacks, who has been a vocal supporter of Solana since 2022, confirmed his investment in the blockchain on the All-In Podcast. His public backing is seen as a powerful endorsement for Solana, which could translate into greater institutional interest and the potential for a Solana-based ETF by 2025.
Memecoins Drive Solana’s Network Growth
The growing popularity of memecoins on the Solana blockchain is playing a key role in SOL’s price surge. Memecoins such as Dogwifhat (WIF), Bonk (BONK), and Peanut the Squirrel (PNUT) have gained significant traction, resulting in increased network activity. As more transactions take place, the demand for SOL tokens has risen, since SOL is used to pay for gas fees on the network. This growth in network activity has led to a noticeable increase in Solana’s total value locked (TVL), contributing to the overall rise in SOL’s price.
SOL’s Price Could Break $250 Resistance and Reach $300
Solana’s price momentum is expected to continue, with technical indicators suggesting that SOL could break through the $250 resistance level. If this happens, the price of SOL could potentially reach $300 by the end of 2024. This projection is supported by the growing adoption of memecoins on the Solana network, as well as the potential for a Solana-based ETF. As the Solana ecosystem expands, the price of SOL may continue to climb.
