Solana vs. Ethereum, Trump crowns a winner

Solana added over 27% to its value in the past seven days per TradingView data. The Ethereum competitor extended its gains on Friday, rallying another 6%

Solana (SOL) price continues its strong upward momentum and trades above key Exponential moving averages (EMAs), following a new all-time high above $260.

Solana price observed a failure to close below the 200-day EMA and trendline support near $168, with the 50% Fibonacci retracement level at $230 now providing key support. On the back of this sharp rally, the Relative Strength Index (RSI) has approached overbought territory near 75, reflecting strong bullish momentum but also signaling potential caution for short-term traders.

A decisive daily close above $260 would confirm renewed bullish momentum and likely pave the way for further upside exploration, with $280 and $300 emerging as the next key targets. However, failure to hold above $230 could see SOL revisit lower support levels, with $204 being the next significant area for bulls to defend.

Solana price continues to rally after the launch of TRUMP and MELANIA meme coins on the Solana chain, with the impact on Solana's record $85 billion decentralized exchange (DEX) volume being observed by traders.

This event marks a major milestone in crypto adoption, with concerns over insider allocations being highlighted in tweets on X. It remains to be seen how the meme token launch will shape long-term market trends, the role of future meme coin launches, and how Trump's engagement with crypto might shape the industry over the next four years.