SOL/USD: Solana Blasts Off to New Record Above $290 as Trump Launches Meme Coin

Solana’s SOL token has advanced more than 60% in the past five days (weekend too) as the President-elect launched his official TRUMP meme token.

💸 Solana at $292

• Solana (SOLUSD) was zipping through the rarefied air of $290 over the weekend after Donald Trump announced the launch of his own coin, aptly called TRUMP. It’s a meme token, it doesn’t really do anything and it’s built on the Solana blockchain. Hence, the upside swing in the native cryptocurrency of the layer-1 blockchain.
• Over the course of the past five trading days (any day is trading day if you’re a crypto head), Solana has bumped up its price by a staggering 63%. Early on Sunday, it hit a record of $292 a piece.

🗽 Trump — Crypto’s Best Bet?

• Dealmaking on Monday kicked off in sideways motions with the Solana token gravitating toward the $260 handle. But volatility could pick up any minute now — Donald Trump’s presidency is about to get official with the inauguration looming a bit later today. Stocks will be closed but crypto is wide open and ready to rumble.
• Trump’s next four years in the White House are expected to usher in a new era of growth for the digital asset industry and his own participation in the field is another bullish sign.

💪 Solana ETFs Coming?

• Besides the Trump token lifting Solana’s price, there’s also the prospect of SOL getting its own ETFs (exchange-traded funds) this year. With a new head of the Securities and Exchange Commission (most likely Paul Atkins), the top cop on Wall Street could greenlight a few of those as soon as January 25.
• That’s when the deadline for Solana-based ETF applications from Bitcoin, VanEck, 21Shares and Canary expires. If approved, these vehicles will open the door for big institutional investors and ordinary consumers to own a piece of Solana.