Solana (SOL) Price Prediction: Renewed Meme Coin Mania Positions Token to Reclaim All-Time High of $260

A renewed surge of meme coin mania on the Solana network, driven by Donald Trump's election victory, has sparked a significant rise in user activity.

A recent surge in meme coin mania on the Solana network, fueled by Donald Trump's election victory, has led to a remarkable increase in user activity since early November. This heightened demand has positioned Solana's native coin, SOL, to potentially reclaim its all-time high of $260.

Currently, SOL trades just 6% below this peak, leaving the market speculating on how soon it might reach that milestone.

Solana-based meme coins have experienced significant price growths since Trump's November 5 victory. Peanut (PNUT), a squirrel-themed meme coin, has led this rally with a soaring over 2,700% in the past two weeks.

Multiple endorsements by Elon Musk on X, coinciding with the launch of the United States Department of Government Efficiency (DOGE), fueled the surge in the token's price. To put it in perspective, the token hit a peak market cap of $2.4 billion on November 14.

Another Solana-based meme coin that has seen immense growth over the past week is nomnom (NOMNOM). The token's price has skyrocketed by almost 400% in the past seven days, being described as “a hungry hamster on the Solana network.”

Artemis data shows a surge in user demand on the Solana network, driven by the massive trading activity around these tokens and other smaller-cap memecoins. The number of active addresses completing at least one transaction on the L1 has reached 6 million month-to-date, indicating a 14% increase.

This rise in user activity has also fueled a notable uptick in daily transactions. According to Artemis data, Solana has processed 45 million transactions in the past 17 days, a 7% increase.

Moreover, decentralized exchanges on the Solana network have experienced a significant surge in activity. Transaction volumes on these platforms have skyrocketed by 252% since the start of the month, surpassing an impressive $6 billion.

This heightened activity on the Solana network has positioned its native token, SOL, to potentially reclaim its all-time high of $260. At press time, SOL trades at $244.68, 6% away from this price peak.

BeInCrypto's analysis of the SOL/USD one-day chart indicates a sustained bullish sentiment for the altcoin. The Elder-Ray Index, which measures the strength of bullish versus bearish forces, currently sits at 55.97, indicating that bull power is prevailing.

A positive reading suggests stronger bullish pressure. If this trend continues, SOL could potentially climb back to its all-time high of $260 and possibly surpass it.

However, if selling pressure strengthens, the coin's value may dip to $205.99. Should this level fail to hold, the Solana coin price may slip under $200 to trade at $163.99.