Solana Transactions Near Monthly High at 289.7 Million: Can SOL Price Touch $300?

The crypto president has signed several executive orders that support crypto, which has helped the altcoin market recover strongly. As a result, the price of SOL has bounced from the important $240 support level, and key on-chain metrics have improved. There’s also a notable increase in transactions on the SOL network, nearing a monthly high, which is pushing the SOL price toward reaching $300 by the end of this month.

Trump Memecoin Creates New ATH for Solana’s Stablecoin Supply

The release of the Trump meme coin has led to a significant recovery in SOL’s price from its recent low. The return of crypto-supporter Donald Trump and several of his executive orders have pushed Solana’s stablecoin supply, transaction count, and total value locked (TVL) to record levels.

According to data from The Block, the number of transactions on the Solana network is close to reaching its monthly peak of 291.6 million. Currently, the count stands at 289.75 million, indicating a spike in activity on the SOL network.

Over the past week, the amount of stablecoin in Solana’s system has exponentially increased, nearing $11 billion for the first time and setting a new record high.

A significant reason for this surge seems to be the popularity of Trump family-themed memes coins, specifically the Official Trump (TRUMP) and Official Melania Meme (MELANIA) coins. These coins have brought in billions of dollars and attracted hundreds of thousands of new users to Solana recently.

As a result, the number of new Solana wallet addresses created each day reached nearly 5.2 million. Additionally, the active address count on the SOL network is now at 5.3 million.

Data from DefiLlama shows that the excitement about memecoins in the Solana ecosystem has also caused a significant increase in its total value locked (TVL).

Solana’s TVL has skyrocketed from $1.28 billion on January 24, 2024, to $12.44 billion today, marking an increase of more than 870% since the start of the year. It also rose by 25% in just the past week.

What’s Next for SOL Price?

The price of Solana is holding steady above a key level on its chart, showing that buyers are feeling confident. Although it’s trying to stay above $260, sellers are pushing back against big price increases. Right now, Solana’s price is $266, after a rise of 7.9% in the last 24 hours.

The trading pair SOL/USDT is above $265 and could go higher than the nearby Fibonacci levels. The Relative Strength Index (RSI) is at 60, which is in the buying zone, suggesting that Solana’s price might climb above $290. If it stays above $290, this could be good for buyers, possibly pushing the price up to $310.

However, if the price drops below the 20-period Exponential Moving Average (EMA20) on the 1-hour chart, sellers could drive it down towards $233.