Why is Solana (SOL) price up today?
Memecoin mania and a convincing technical setup could send Solana price toward $300 by 2024’s end.
Solana is outperforming most of its top-ranking crypto rivals today, driven by reports that David Sacks has been appointed as Donald Trump’s artificial intelligence and cryptocurrency czar.
Sacks is pro Solana
SOL’s price rallied by up to 5.42% to $247 on Dec. 6 as Trump announced that Sacks will serve as the lead policy adviser to his administration on AI and crypto.
Sacks has a history of engagement with Solana as an investor. In a 2022 episode of the All-In Podcast, Sacks confirmed holding Solana tokens during a discussion with fellow venture capitalists about their cryptocurrency investments.
Additionally, reports indicate that Sacks was among the early buyers of SOL tokens.
The involvement of a pro-Solana venture capitalist in the Trump administration boosted the appetite for SOL tokens on Dec. 6, with some analysts noting that it would clear the way for a spot Solana exchange-traded fund (ETF) approval in 2025.
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Solana rises alongside memecoin boom
Solana’s gains today coincide with similar rises across its top native memecoins.
For instance, Solana-based memecoins Dogwifhat (WIF), Bonk (BONK), and Peanut the Squirrel (PNUT), rose in the range of 4.5-7.5% in the last 24 hours.
Gigachad (GIGA), a Solana memecoin Coinbase recently added to its listing roadmap, has also jumped 2.6% in the same period.
The uptick in memecoin trading likely increased network activity, driving demand for SOL as the gas token powering transactions.
According to Dune Analytics, the Solana blockchain has witnessed over 4.32 million memecoin project launches on the pump.fun platform, generating about 1.61 million SOL (~$383 million) in revenue.
Memecoins have amplified onchain activity in November, marking Solana’s best month for memecoin transactions and trading volumes.
The surge coincided with a 4.50 million SOL rise in total value locked (TVL) and a 40% rally in SOL’s price.
Today’s memecoin boom replicates this trend, reinforcing demand for SOL as the ecosystem’s primary utility token.
Solana gears up for a rally toward $300
Solana’s price rise today appears to stem from a rebound off the lower trendline support of its prevailing ascending triangle pattern.
In uptrends, ascending triangle structures are considered continuation patterns, often suggesting that the price is consolidating before resuming its bull run.
As a technical rule, they resolve when the price breaks above the upper trendline and rise to the level at a length equal to the triangle’s maximum height.
In SOL’s case, the triangle’s height is approximately $65. A breakout above the $250 resistance could potentially push SOL’s price toward the $300-$310 range by December.
However, failure to break above the upper trendline could result in continued consolidation or even a retest of lower support levels.
