Solana sets new all-time high as TRUMP-fueled rally spurs price rally
Solana sets new all-time high of $295 as euphoria around TRUMP memecoin spurs Solana The network's token surged more than 20 percent on Saturday, January 18, with on-chain trading volume reaching $27 billion.
Solana Network's token, SOL, has reached a new all-time high of $295 following an increase in trading activity on the chain, which was announced as the official TRUMP token late Friday, January 17th.
Around 9:44 PM EST, President-elect Donald Trump tweeted the new memecoin from his official X account.
My new official Trump meme is here! It's time to celebrate everything we stand for: Winner! Join my exclusive Trump community. Get your $TRUMP now. Go to – enjoy! pic.twitter.com/flIKYyfBrC
– Donald J. Trump (@realDonaldTrump) January 18, 2025
While the first buyers were wary, thinking the ad was the product of hackers, crypto sleuths soon discovered the startup was legitimate. Money started flowing into the token one to three hours after launch.
The legitimacy of memecoin, due to Trump's popularity in the crypto space and his political position, attracted a total of 27 billion dollars worth of traders within 24 hours of the token's launch.
Solana price action
Solana rallied from $219.53 on Saturday morning to a high of $290 on Sunday morning. However, the price did not close above the previous all-time high in the daily timeframe.
The price fell slightly from a new all-time high on Binance on Sunday afternoon as open interest levels eased.
The price of SOL has started to recover and is trading at $264.32.
