Solana surpassed its previous all-time high (ATH) at $263 on Jan 18, hitting $270. A couple of hours later, a new ATH was recorded at $295. While many may have anticipated a bull run, this momentum has taken the market by surprise.
What’s Driving Solana’s Price?
Solana’s price prediction now sits anywhere between $350 and $600 before the middle of 2025. One major explanation for this huge surge in Solana price is the heavy trading activity around the Official Trump ($TRUMP) coin.
As of the time of writing, $TRUMP has a market price of $57 and a market capitalization of $14 billion. It temporarily surpassed Stellar (XLM), Hedera (HBAR), and Toncoin (TON) with a market capitalization of $13.9, $12.9, and $12.6 billion, respectively. Whether it can keep this lead will depend on how things unfold in the coming days.
Gaining by over 160% in the last 24 hours, the Official Trump ($TRUMP) coin has been the highest daily gainer in the last 72 hours. It currently has a daily trading volume of $25 billion.
Crypto news outlets have been having a field day with Solana’s price predictions as events unfold. No one can say for certain if this gain will benefit the market or if the bubble will eventually burst.
Can Official Trump Coin ($TRUMP) Challenge Dogecoin?
The Official Trump coin is emerging in a manner similar to Dogecoin’s in 2021. Just like Dogecoin was associated with Elon Musk, the Official Trump coin is associated with President Trump.
According to Coinmarketcap, Dogecoin has a $56 billion market capitalization at $0.38 per $DOGE. While this is still miles away from $TRUMP’s current market cap, the age difference between the two coins is worth noting.
It’s too early to tell whether $ TRUMP will challenge $ DOGE, although speculations are already being made in social chatters. The Official Trump coin will still have to prove itself worthy of contending over the next couple of months and years.
READ MORE: Solana Surges by 45% to Hit New All-time High at $268
