Solana (SOL) Flips Tether (USDT) and Grabs the 4th Position in the Global Crypto Market

Solana (SOL) is riding the TRUMP wave and jumped to a new All-time-high of $294.33 today. Following the announcement that U.S President, Donald Trump had launched a memecoin on the Solana blockchain, a cheerful rally was observed.

Solana (SOL) price showcased a massive rally on March 15th, hitting a new all-time-high following the launch of the Donald Trump memecoin, $TRUMP, on the Solana blockchain. At the time of writing, SOL price is up over 22% in the past 24 hours and soared to record highs.

The recent filing of Solana ETFs and the launch of the Solana memecoin, $TRUMP, have been the key drivers behind the latest Solana price rally and boosted market sentiment.

The memecoin was first introduced by former U.S. President Donald Trump on his Truth Social media platform. In just the first three minutes, the $TRUMP token hit $14.5+ Billion in market cap and $1+ Billion in trading volume, skyrocketing over 300%.

Consequently, Solana price shot up immediately, smashing a new all time high. In the past few hours, a crypto whale transferred 216,000 SOL tokens from an unknown wallet to another unknown wallet, which has fueled speculation within the crypto community and raised questions about the potential market activity.

Solana coin has displayed a massive price rally following the launch of the TRUMP token, up over 57% in the past seven days and soaring to record highs. With the massive bullish momentum, SOL price has breached its previous ATH of $265 and was on the way to reaching $300.

A recent post on X by Captain Faibik highlighted that Solana coin has triggered a massive breakout move and is ready for an upward move. In case of further upward movement beyond the $300 mark, Solana price could accelerate and may skyrocket toward $444 in the short term.

Solana TVL hits a new milestone

Solana total value locked (TVL) has hit a new milestone, marking a sharp ascent amid the bullish market sentiment. At press time, SOL TVL was at around $12.229 Billion.

This appreciation showed increased investor interest, as more coins were locked in the network. The derivatives market data showed that over the past 24 hours, the Open Interest (OI) rose over 18.18% to $9.59 Billion, conveying sharp long additions in the past 24 hours.

Moreover, the long/short ratio surpassed the 1 mark, highlighting a strong bullish bias among traders. The data showed that 51% of positions on Solana are now long, while short positions have decreased to 49%, suggesting a strong demand for the long contracts.

The immediate support zones were $280 and $265, whereas the resistance zones were $300 and $310. This article is for informational purposes only and provides no financial, investment, or other advice.