The SOL token recently hit a new peak of $202.55, marking its highest level since April 2024, following Donald Trump’s victory in the U.S. presidential election. SOL’s strong price rally has been fueled by the active engagement of meme coin and DeFi projects on the Solana platform.
A key contributor to Solana’s recent success is Pump.fun, a leading app that has been issuing a series of meme coins. Since its launch, Pump.fun has continuously introduced numerous tokens, including “AI-generated” coins valued in the millions of dollars. This surge in activity is driven by confidence in Trump’s pro-crypto policies following his election win.
The booming meme coin and DeFi markets on Solana have helped SOL break past its previous all-time high, sparking renewed optimism for a potential Solana ETF in the future. Experts believe the SEC might adopt a more favorable stance towards Solana, paving the way for the launch of an ETF.