"Solana price exceeds $500 (SOL)"

Solana blockchain is experiencing golden days. With the increasing user activity on the network, expectations are high for SOL, the cryptocurrency of the Solana blockchain, which has reached its all-time high. Moreover, some crypto analysts believe that the price of SOL will double or even triple.

The year 2024 was quite eventful for the Solana network. Indeed, in the frenzy of memecoin craze that swept the market, the Solana network mostly took the lead. Memecoins launched on the Solana network stood out with high transaction volumes compared to their counterparts, thanks to low transaction fees.

Meme coins, which generally have no basis in any project and often mock traditional finance, now have a say in the liquidity of the crypto market. According to CEX.io’s report on the subject, the combined market value of meme coins increased by 330 percent from January 1st to December 1st, 2024. During the same period, the trading volumes of meme coins also showed a 979 percent increase.

Alongside Bitcoin’s 120% rise last year, the market value of memecoins has continued to rise. The memecoin creation platform on the Solana network, Pump.fun, was a favorite among investors. According to the report, over 60,000 memecoins were launched daily throughout the year via Pump.fun.

The dynamics brought by TRUMP took the LEFT to new heights

Undoubtedly, TRUMP was the biggest development that brought the activity on the Solana network to its peak and allowed the price of SOL to reach an all-time high. The memecoin TRUMP, which was launched before the inauguration of the 47th president of the United States, Donald Trump, on January 20, caused havoc in the market. The launch of TRUMP on the Solana network, whose market capitalization reached $10 billion overnight, brought new records. The post from President Trump’s official account reached 100 million views in a short time. According to data from DeFiLlama, the Solana network pulled in 6 million active addresses on both Saturday and Sunday, collecting $35 million in transaction fees, of which at least 14 million went directly into the network’s vault.

Moreover, not only TRUMP but another memecoin, MELANIA, which was launched shortly after, also reached a market value of 1 billion dollars in a short period of time. Just like TRUMP, the memecoin MELANIA, created by President Trump’s team, was trading at $4 as of the time of the news article.

Smiles are all around Solana, which has seen a skyrocketing activity on the network with “official” memecoins based in the White House. SOL price increased by 38% last week. With a market cap of $125 billion, SOL continued its rising trend. As of the time of writing this news, SOL had recorded a 6.91% increase in the last 24 hours and was trading at $257.

“The price of SOL exceeds 500 dollars”

Crypto analyst Momin, who commented on the price of SOL, said, “To be honest, I think SOL will exceed $500 in this price cycle.”

Another crypto analyst, Kolin, said that he finds the $500 price target for SOL ‘conservative’ and claimed that Solana is just starting to heat up. According to the analyst, SOL’s price will rise even more as ‘institutional capital starts to flow in’.

Indeed, the source of the ‘corporate capital flowing into SOL’ that the analyst focuses on comes from stock investment funds (ETFs). ETFs, which enable the purchase of crypto assets through traditional financial institutions, paved the way for a bullish start to the crypto market in 2024. The capital flowing through ETFs formed the basis of the bull market. Matthew Sigel, research director at asset management company VanEck, expressed a high likelihood of approval for a Solana ETF in 2025. 21Shares, among the rival companies wanting to list spot Solana ETFs, including VanEck, whose manager is Sigel, is also present in the list.

Another optimistic comment on the possible ETF products to be launched by SOL this year came from banking giant JPMorgan. According to the JPMorgan analysis shared with the press, it was suggested that SOL could attract approximately 3 to 6 billion dollars of capital through ETF products.

This article does not contain any investment advice or recommendations. Every investment and trading action involves risk, and readers should conduct their own research when making decisions.