Solana Skyrockets Amid Heightened Trading Activity After President-elect Donald Trump Launches His $TRUMP Token on the Blockchain

From $175, a week ago, SOL is now sitting comfortably above $280. It has even hit a new all-time high of $293.

Solana (CRYPTO: SOL) price is skyrocketing amid heightened trading activity following President-elect Donald Trump's launch of his $TRUMP token on the blockchain. Last week, SOL was trading around $175, but it has now surged past $280, hitting a new all-time high of $293.

With an impressive 49%漲幅 this week, the altcoin’s momentum shows no signs of slowing down. This strategic endorsement of the fifth largest token via the $TRUMP launch could likely trigger the much-anticipated alt-coin season.

Coupled with the upcoming SOL ETF decisions, the move has created an atmosphere of bullish optimism. Retail investors are now eyeing the token, bolstered by the media exposure from Trump’s token release.

Moreover, traders and investors are keeping a close eye on January 23, for the first Grayscale Solana ETF decision, followed by four more on January 25. With such monumental decisions on the horizon, the possibility of an earlier-than-expected SOL ETF approval is very real. This can further fuel the price spike.

“Sol Situation is too bullish, us reserve and load more aren’t no way we don’t get 400$ soon and there is no way a $SOL etf don’t get approved in the next few days,” a community member wrote on X.

no ETF, no problem

Solana’s Revenue Is Sky High Amid ETF Delay Notably, hopes for SOL ETF were dashed after the U.S. SEC held a closed-door meeting with ETF issuers regarding whether the token might be classified as a security.

Following discussions, CBOE decided not to submit the relevant 19b-4 form to avoid initiating the approval process. While VanEck’s S-1 registration statement for the SOL ETF is still on display, 21Shares’ has been withdrawn.

In a related development, the altcoin hit new records in daily revenue, surpassing $56.5 million—a massive jump from the previous high of $27.2 million set just a few months ago.

As the smart contract platform continues to dominate in volume and growth, it’s clear that the blockchain’s future is shining brighter than ever.

SOL daily REV sets a new all-time high at $56.5M, more than double the previous high of $27.2 set back in November One for this history book, yuge