David Sacks’ Role in Solana’s Price Surge
Solana (SOL) surged by 5.42%, reaching $247 on December 6, thanks in part to the appointment of David Sacks as Donald Trump’s advisor on artificial intelligence and cryptocurrency. Sacks, a well-known supporter of Solana, confirmed his investment in the blockchain on the All-In Podcast in 2022. His appointment is seen as a major endorsement for Solana, which could lead to greater institutional interest and even a Solana-based ETF by 2025, further boosting SOL’s price.
Memecoins Drive SOL Demand and Network Activity
The memecoin boom has played a key role in Solana’s recent price surge. Memecoins like Dogwifhat (WIF), Bonk (BONK), and Peanut the Squirrel (PNUT) have gained significant popularity, driving up network activity on Solana. As more transactions take place, the demand for SOL tokens has risen, as they are needed to pay gas fees on the Solana blockchain. This increase in network activity, along with a higher total value locked (TVL), has contributed to the overall rise in SOL’s price.
SOL’s Price Could Reach $300 by End of 2024
Solana’s price is showing strong potential for further growth. If SOL breaks through the $250 resistance level, technical analysts predict that it could reach $300 by the end of 2024. This is supported by the growth in memecoin trading, increased network activity, and the possibility of institutional adoption. As Solana continues to expand its ecosystem, SOL’s price could experience significant upward movement in the coming months.
