The recent surge in the altcoin market can be attributed to the crypto president signing several executive orders that support crypto. This has had a positive impact on the price of SOL, which has bounced back from the important $240 support level. Key on-chain metrics have also shown improvement, with an increase in transactions on the SOL network approaching a monthly high. As a result, the SOL price is expected to reach $300 by the end of the month.
One of the contributing factors to SOL’s price recovery is the release of the Trump meme coin. This has led to a significant increase in Solana’s stablecoin supply, transaction count, and total value locked (TVL) reaching record levels. The number of transactions on the Solana network is close to hitting its monthly peak, indicating a surge in activity.
The stablecoin supply in Solana’s system has seen a substantial increase, nearing $11 billion for the first time. The popularity of meme coins like Official Trump (TRUMP) and Official Melania Meme (MELANIA) has attracted billions of dollars and hundreds of thousands of new users to Solana. This has resulted in a significant rise in the number of new Solana wallet addresses created daily and an increase in active addresses on the SOL network.
The excitement surrounding meme coins in the Solana ecosystem has also caused a significant spike in its total value locked (TVL). Solana’s TVL has surged from $1.28 billion to $12.44 billion, marking an increase of more than 870% since the start of the year.
Looking ahead, the price of Solana is currently holding steady above key support levels, indicating buyer confidence. The price is currently at $266, with a 7.9% increase in the last 24 hours. The trading pair SOL/USDT is above $265 and could potentially climb higher, with the Relative Strength Index (RSI) suggesting a possible increase above $290. However, a drop below the EMA20 on the 1-hour chart could see the price fall towards $233.
Overall, the outlook for SOL price remains positive, with potential for further growth in the coming days. The integration of meme coins and the support from the crypto president have fueled the momentum of Solana, making it an exciting asset to watch in the crypto market.