Solana Predicted to Surge to $400 by November

Solana (SOL) is expected to rise to $400 by November 2024, driven by a wave of meme coins linked to the US presidential election campaign. This forecast was made by CIO of Merkle Tree Capital, Ryan Macmillan, as reported by DL News.

The expert noted that assets like Jeo Boden (BODEN) and Doland Tremp (TREMP) have helped Solana surpass Ethereum in trading volume. He believes this trend will continue in the coming months.

The rise in meme token prices coincided with cryptocurrency support from one of the presidential race participants, Donald Trump.

“Solana could rise to $400. The movement will be supported by more liquidity entering the market as the US Treasury takes steps to strengthen the economy,” Macmillan stated.

The specialist pointed to the restoration of investor confidence in digital assets.

“While memes can be a funny and short-term speculative tool, they pave the way for other, more sustainable use cases like tokenization of RWA,” he added.

According to the top manager, the increase in transaction volume served as a stress test for the Solana network, which it successfully passed.

Earlier, analysts at Franklin Templeton suggested that SOL has a chance to rank third in market capitalization among cryptocurrencies.

Solana: Accelerated Adoption pic.twitter.com/WCEvtdJ2cE

— Franklin Templeton Digital Assets (@FTI_DA) May 2, 2024

From January to March, Solana accounted for 49.3% of global investor interest in blockchain ecosystems, according to CoinGecko.

According to a forecast by Colosseum co-founder and former head of growth at Solana Foundation, Matty Taylor, the network is expected to surpass Ethereum in the number of consumer Web3 applications.

Back in May, a trader gained a 32-fold profit on the meme token KITTY following the reactivation of financial analyst Keith Gill’s X-account (The Roaring Kitty). In 2020, Gill sparked a “war” of retail traders against Wall Street.

Previously, analysts at Blockaid calculated that about 50% of projects in the Solana network that used the token distribution model through pre-sales were found to be fraudulent.