- Solana hit a new all-time high of $294.33 after a 37% surge in two days.
- The excitement was short-lived, but SOL still trades 33% higher on the week.
- Trump Coin’s launch on Solana boosted the network’s visibility and support.
- Solana’s Open Interest reached over AU $10b, with the Firedancer upgrade on the horizon.
After a stunning weekend, Solana has surprised the world by posting a new all-time high token price – somehow beating XRP to the jump.
The Layer 1 DeFi project went absolutely (mind my professionalism) bonkers, climbing 37% in just two days to record an ATH of US $294.33 – according to CoinMarketCap.
The euphoria was relatively short-lived, with investors likely taking profits and the sheen of a certain Solana-based meme coin wearing thin.
Nevertheless, SOL is still trading at 33% higher on the week, as the project gears up for a big 2025.
Related: Incoming Treasury Secretary Scott Bessent Says No Need for US CBDC
Solana’s Trump Card: The Meme That Changed the Game
I think, by now, we all know the major reason for Solana’s overnight burst:
Trump Coin.
The meme coin tied to the almost-inaugurated US President came from the heavens to become a top-20 token by market cap in a matter of hours.
And Solana, as the network facilitating TRUMP’s existence (the coin that is, not the human), became a primary beneficiary of the market rushing into the project.
The good news for Solana is that its immense price growth is reflective of more than a…well…cash grab.
Trump’s team using Solana to launch the groundbreaking meme coin is a signal of support for the L1 network’s utility among some of the world’s biggest names.
And the US President has previously hinted that his proposed Strategic Bitcoin Reserve might not be limited to Bitcoin – and if not, Solana would be a likely inclusion.
Solana’s Open Interest Hits Record Highs With Upgrades on the Way
On top of the Trumpmania, Solana has a lot of other good things going for it as we sink our teeth into 2025.
Matching its price movement, Open Interest for SOL across exchanges reached a new all-time high, sitting at over AU $10b as of yesterday.
Open Interest is a measure of outstanding derivatives contracts (shorts and longs, for example) for a certain asset.
The higher the Open Interest, the greater investor interest in the digital currency. So, safe to say, Solana was running incredibly hot over the weekend.
With Solana’s vaunted Firedancer upgrade slated for 2025, the project will be hoping to pair its growing industry stature with enhanced blockchain technology.
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