Solana All-Time High Driven by TRUMP Memecoin Buzz
Solana (Sol) reached an all-time high (ATH) of $277.99 on January 18, driven by a surge in activity surrounding the newly launched Trump meme coin.
Ahead of Donald Trump’s inauguration on January 20, buzz surrounding the Meme coin drove a flood of trading activity on the Solana network, pushing SOL’s price and on-chain metrics to record levels.
Solana price and open interest hit new peaks
TRUMP based on Solana Since its surprise launch on Saturday, it has attracted widespread market attention. This resulted in a surge in activity on the Solana network, which in turn drove The value of SOL coins.
On January 18, SOL climbed to an all-time high of $277.99. Although the price has corrected by 1% since then, demand for the altcoin remains high.
This is reflected in its continued growth in open interest. As of this writing, the figure reached an all-time high of $8.57 billion, surging 25% in the past 24 hours.
Open interest refers to the total number of open derivatives contracts (e.g. futures or options) have not been resolved or closed. When it rises during a period of rising asset prices, it signals growing trader engagement and confidence as more money flows into futures contracts.
This trend is a bullish sign, Suggested price for SOL Movements are supported by growing market activity and belief.
Notably, futures traders at SOL continue to bet that stocks will continue to rise. This is evidenced by the coin’s positive funding rate, which stood at 0.0093% at press time.
The funding rate is a periodic fee paid between long and short traders in the perpetual futures market to keep the contract price consistent with the spot price. When it is positive, it means the longs are paying shortsindicating bullish sentiment as more traders bet on rising prices.
SOL price Prediction: Coin May Rise to New Highs
On the daily chart, SOL is trading just below its all-time high of $277.99, which is currently forming resistance. Amid continued buying pressure, a breakout of the coin would break this level, turning it into a support zone and continuing its uptrend.
However, If profit-taking activity re-emergesthis bullish prediction will be invalidated. In this case, the price of SOL could plummet to $227.96.
Disclaimer
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