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Opinion: Solana price will rise to $400 by November

Solana (SOL) will rise to $400 by November 2024, and the catalyst will be a wave of meme coins dedicated to the US election campaign. This forecast was made CIO Merkle Tree Capital Ryan McMillin writes DL News.

The expert pointed out that assets like Jeo Boden (BODEN) and Doland Tremp (TREMP) helped Solana surpass Ethereum in terms of trading volume. In his opinion, the trend will continue in the next few months.

The rise in prices for meme tokens coincided with the support of cryptocurrencies by one of the participants in the presidential race, Donald Trump.

“Solana could grow to $400. The movement will support more liquidity flowing into the market as the U.S. Treasury takes steps to strengthen the economy,” McMillin said.

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 RWA tokenization,” he added.

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

Previously, Franklin Templeton analysts admitted that SOL has a chance to take third place in market capitalization among cryptocurrencies.

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

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

On May 13, a trader made a 32x profit on the KITTY meme token after waking up financial analyst Keith Gill's X account (The Roaring Kitty). The latter in 2020 provoked a “war” of retail traders against Wall Street.

Source: Cryptocurrency

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