Solana sets new all-time high as TRUMP-fuelled rally spurred price growth

• Solana set a new all-time high of $295 as euphoria around the TRUMP memecoin spurs bullish interest
• The network token rose over 20% on Saturday, January 18 as on-chain trading volume reached $27 billion

Solana’s network token, SOL, rallied to a new all-time high of around $295 following a spike in on-chain trading activity, which succeeded the announcement of an official TRUMP token late Friday, January 17.

Around 9:44 PM EST, President-elect, Donald Trump, tweeted the new memecoin from his official X account.

My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to https://t.co/GX3ZxT5xyq — Have Fun! pic.twitter.com/flIKYyfBrC

— Donald J. Trump (@realDonaldTrump) January 18, 2025

While initial buyers were cautious, thinking the announcement to be a result of hackers, crypto sleuths soon discovered the launch to be legitimate. Funds began to flow into the token one to three hours post-launch.

The memecoin’s legitimacy, fuelled by Trump’s popularity in the crypto space and his political position, drew traders who transacted a total volume of around $27 billion over the 24 hours after the token’s launch.

Solana price action

Solana rallied from $219.53 on Saturday morning to a high of around $290 on Sunday morning. However, the price didn’t close above the previous all-time high on the daily time frame.

The price fell slightly from the new all-time high Sunday afternoon as open interest levels on Binance declined.

SOL’s price has begun to recover and trades at $264.32 as of publishing.