The decision to release the Trump meme coin on Solana network has led to a surge in the SOL token.
SOLUSD – Daily Chart
The price of SOLUSD has found resistance at the uptrend resistance near the $300 level and the double top around the $264.28 level. This may be a correction for now and that last level is the obstacle for another push higher.
A bout of heavy trading on the Solana blockchain saw one of the top US crypto exchanges black out due to record-breaking demand. Coinbase CEO Brian Armstrong wrote in a post on X that an issue had been “triaged,” urging customers to try again.
“It’s clear we need to step up our game on Solana, scale our infrastructure, and provide native support for common use cases like DEX/memecoin trading,” Armstrong wrote. He added that the surge in activity is “great for the ecosystem” and a “high-quality” problem to have.
The outages were driven by record trading volume, with the price of a Solana coin reaching an all-time high of $294 on Sunday. Investors flowed to the market after Trump’s inauguration and a recent decision to launch the TRUMP meme coin on the Solana blockchain.
Ryan Rasmussen, head of research at Bitwise, said that Trump’s meme release had led to investors fleeing other tokens to buy into the SOL token and Trump family coins.
The market cap of Solana is now $119 billion, with the Ethereum token in second at $390 billion, according to Coinmarketcap. The SOL token is taking a breather for now after closing the gap on ETH in recent weeks.
