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Simon Chandler
Author
Simon Chandler
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Solana has rallied by 14% today, with the SOL price hitting $185.15 as Donald Trump’s election victory boosts the crypto market by 6% in the past 24 hours.
SOL is now up by 4% in a week and by 26% in the past month, with the altcoin also enjoying an impressive 360% gain in a year.
And today’s boost for Solana also comes amid news that its network experienced a huge surge in on-chain transfer volume over the past few days, with glassnode data showing that this peaked at $224 billion at the end of October.
Combined with a more positive outlook for the possibility of Solana ETFs, this increase in network activity suggests that Solana has a very bright future ahead of it.
SOL Price Poised to Soar as Solana Network Usage Reaches Unprecedented Levels
According to glassnode’s data, the $224 billion peak in on-chain transfer volume was almost triple SOL’s market cap, indicating just how active the coin’s market has become.
Glassnode’s tweets then went on to explain that much of this volume came from “a high-activity wallet using multiple accounts,” and was “likely an arbitrage bot.”
Regardless of the main source, the volume nonetheless testifies to how much usage Solana is now attracting, with its network remaining the go-to platform for meme tokens and also outstripping Ethereum (and all other chains) in terms of DEX volumes.
Combined with an incoming Trump administration, such performances suggests that Solana could continue to be one of the big performers over the next few months, if not longer.
The return of Trump will benefit crypto in a number of ways, with one of the main positives being that many expect the new President to remove Gary Gensler as the SEC’s Chairman.
This would remove an important obstacle in the way of Solana ETFs, with previous applications struggling in the face of the SEC’s stance that SOL is a security.
And if the market were to see Solana ETFs, there’s little doubt that the increase in volumes and demand would push the SOL price considerably higher.
Today, SOL is very much in the ascendance, with its 30-period average (orange) forming a golden cross with the 200-period (blue) that signals an incoming breakout.
The coin’s relative strength index (purple) has also risen to 80 this morning, and looks like it could afford to remain there for a little while yet.
Combined with the alt’s enviable fundamentals, its indicators would therefore suggest that the SOL price may hit $200 in the next week or so.
New Meme Tokens for Diversification
Solana remains one of the most promising major tokens in the market, yet other coins will likely join – and perhaps even outperform – it over the coming weeks and months, as crypto enters a bull market.
It’s also likely that some of the bigger and more successful presale tokens will rally big in the near future, with a few in particular looking very promising.
Chief among them is Crypto All-Stars (STARS), an exciting new Ethereum-based token that has raised $3 million in its popular sale.
Crypto All-Stars is doing so well because of its strong fundamentals, with the project launching a ‘MemeVault’ that enables users to stake any meme token whatsoever.
It uses the ERC-1155 multi-token standard, with which it can tokenize any cryptocurrency, including coins that don’t normally run on Ethereum.
This will give it massive reach and accessibility, with the coin’s X account already reaching over 16,000 followers.
Users who hold more STARS tokens will receive greater rewards, something which incentivizes long-term holding of the coin.
It features a max supply of 42.069 billion, with investors able to join its sale by going to the official Crypto All-Stars website.
1 STARS token currently costs $0.0015494, although this price will rise again in just under three days.
It will see a few more rises before the sale ends and it lists on exchanges, at which point it could do very well.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
