- Solana’s price rises over 5% after David Sacks is named Trump’s AI and crypto advisor.
- Increased activity in Solana-based memecoins contributes to SOL’s upward momentum and on-chain activity.
- Analysts suggest Solana could break $300 if the bullish ascending triangle pattern holds.
The value of Solana’s native cryptocurrency, SOL, experienced significant gains on December 6, climbing 5.42% to $247. The rally came after Donald Trump named venture capitalist David Sacks as his lead advisor for artificial intelligence and cryptocurrency policies. Sacks has been a longtime supporter of Solana, with investments dating back to its early stages. His involvement is viewed as a potential catalyst for advancing Solana-related projects, including the approval of a Solana exchange-traded fund (ETF) in 2025.
Sacks’ historical ties to Solana, revealed in a 2022 podcast where he disclosed holding SOL tokens, have bolstered market optimism. Analysts believe his policy role could influence regulatory clarity, further strengthening the ecosystem.
Memecoins Boost Network Activity
Solana’s price surge aligns with heightened activity in its memecoin ecosystem. Native tokens like Dogwifhat (WIF), Bonk (BONK), and Peanut the Squirrel (PNUT) posted gains between 4.5% and 7.5% in the past 24 hours. Gigachad (GIGA), recently added to Coinbase’s listing roadmap, also rose by 2.6%. The increased trading activity of these memecoins has driven demand for SOL, which serves as the network’s gas token.
Data from Dune Analytics highlights the impact of memecoins on Solana’s network. Over 4.32 million memecoin launches in November generated $383 million in revenue, making it the best month for on-chain activity and transaction volumes. The surge also contributed to a 4.5 million increase in Solana’s total value locked (TVL) and a 40% price rally in SOL.
Solana’s Path Toward $300
SOL’s price movement aligns with an ascending triangle pattern, a bullish technical structure suggesting further upside potential. Analysts estimate that a breakout above the $250 resistance level could drive the price toward $300-$310 by the end of December.
However, failure to surpass the upper trendline of the triangle may lead to prolonged consolidation or a retest of lower support levels. Solana’s ability to sustain its rally depends on maintaining the current momentum in both price and ecosystem activity.
