David Sacks as a Catalyst for Solana’s Rise
Solana (SOL) has experienced a significant 5.42% surge, reaching $247 on December 6, thanks to a combination of factors, including the appointment of David Sacks as Donald Trump’s advisor on artificial intelligence and cryptocurrency. Sacks, a well-known supporter of Solana, has been involved with the blockchain since 2022 and confirmed his investment in Solana during his appearance on the All-In Podcast. His appointment is expected to bolster Solana’s visibility and may even pave the way for a Solana-based ETF by 2025.
Memecoins Fuel Network Growth and SOL Demand
The rise of memecoins on the Solana blockchain has been another key factor contributing to SOL’s price increase. Memecoins like Dogwifhat (WIF), Bonk (BONK), and Peanut the Squirrel (PNUT) have seen impressive gains, driving up network activity on Solana. As more transactions are processed, the demand for SOL tokens has risen, as they are used to pay for gas fees on the network. This surge in memecoin trading has played a pivotal role in increasing Solana’s price, alongside the rise in total value locked (TVL) on the network.
SOL’s Price Could Hit $300 by 2024
With the current momentum in Solana’s price, technical indicators suggest that SOL could break through the $250 resistance level and reach $300 by the end of 2024. This forecast is supported by the growing popularity of Solana in the memecoin space and the potential for further institutional investment. If Solana continues to attract attention and adoption, the token’s price could see substantial gains in the coming months.
