A renewed surge of meme coin mania on the Solana network, driven by Donald Trump’s election victory, has sparked a significant rise in user activity since early November. This heightened demand positions Solana’s native coin, SOL, to potentially reclaim its all-time high of $260.

Currently, SOL trades just 6% below this peak, leaving the market speculating on how soon it might reach that milestone.

Users Flock to Solana for Its Meme Coins

Solana-based meme coins have witnessed significant price growths since Trump’s November 5 victory. This rally has been led by Peanut (PNUT), a squirrel-themed meme coin, whose value has soared over 2,700% in the past two weeks. 

The surge in the token’s price followed multiple endorsements by Elon Musk on X, coinciding with the launch of the United States Department of Government Efficiency (DOGE). In fact, it hit a peak market cap of $2.4 billion on November 14.

Another Solana-based meme coin that has seen tremendous growth over the past week is nomnom (NOMNOM). Described as “a hungry hamster on the Solana network,” the token’s price has rocketed by almost 400% in the past seven days. 

The growing trading activity surrounding these tokens and other smaller-cap memecoins has driven a significant surge in user demand on the Solana network. According to Artemis, the number of active addresses completing at least one transaction on the L1 has reached 6 million month-to-date, marking a 14% increase.  

This rise in user activity has also fueled a notable uptick in daily transactions. Over the past 17 days, Solana has processed 45 million transactions, marking a 7% increase, per Artemis data.

Additionally, decentralized exchanges on the Solana network have experienced a significant surge in activity. Since the start of the month, transaction volumes on these platforms have skyrocketed by 252%, surpassing an impressive $6 billion.

SOL Price Prediction: All-Time High Now Within Reach

This heightened activity on the Solana network has positioned its native token, SOL, to potentially reclaim its all-time high of $260. At press time, SOL trades at $244.68, 6% away from this price peak.

BeInCrypto’s analysis of the SOL/USD one-day chart indicates a sustained bullish sentiment for the altcoin. The Elder-Ray Index, which measures the strength of bullish versus bearish forces, currently sits at 55.97, signaling that bull power is prevailing.

A positive reading suggests stronger bullish pressure. If this trend continues, SOL could potentially climb back to its all-time high of $260 and possibly surpass it.

However, if selling pressure strengthens, the coin’s value may dip to $205.99. Should this level fail to hold, the Solana coin price may slip under $200 to trade at $163.99.

November has been dominated by all-time highs, spearheaded by the crypto king, Bitcoin. While numerous coins are reaching new peaks, others, though not hitting ATHs, have significant developments on the horizon. These events could potentially spark rallies and notable gains for their native tokens in the coming days.

BeInCrypto has identified three altcoins to watch this week, each poised for upcoming milestones that may drive their performance.

Aptos (APT)

Aptos is currently trading above the critical level of $10.92, aligning with the 61.8% Fibonacci Retracement line, often referred to as the bull market support floor. This level plays a vital role in maintaining the cryptocurrency’s bullish sentiment.

This week marks a significant milestone for Aptos as Bitwise prepares to launch the world’s first Aptos Staking ETP. This exchange-traded product will aim to stake the Aptos held by the fund, potentially driving increased interest and demand, which could lead to a surge in price.

If momentum builds, Aptos could break past the resistance at $14.05, signaling continued growth. However, should the market sentiment shift, a drop below $10.92 could invalidate the bullish outlook, pushing the price toward $9.15 and raising concerns among investors.

Floki (FLOKI)

FLOKI has surged by 128% over the past two weeks, with its price currently trading at $0.0002670. The meme coin’s uptrend could extend further if it successfully breaches the resistance at $0.0002776, setting the stage for continued gains.

The anticipated collaboration between Floki and Animoca Brands’ Forj, set to launch the $MONKY memecoin on November 21, 2024, adds to the bullish sentiment. This initiative, supported by partnerships with ApeCoin and Bored Ape Yacht Club, has created excitement among investors and could fuel additional price increases.

If the momentum from this launch propels FLOKI further, the meme coin may reach $0.0003138. However, losing the key support level at $0.0002568 could lead to a correction, pulling the price down to $0.0002108 and invalidating the current bullish outlook.

Zcash (ZEC)

Zcash (ZEC) has risen by 25.5% in the past four days, currently trading at $46.16. The cryptocurrency aims to breach and flip $46.24 into a support floor, which could enable a rally toward $50.00. Sustaining this momentum is crucial for ZEC’s continued upward trajectory.

The upcoming Network Upgrade 6 (NU6), scheduled for around November 23, is expected to bring significant updates to the Zcash network. This deployment could further fuel bullish sentiment and drive a potential price increase as the market reacts to these developments.

Should ZEC capitalize on this momentum, surpassing $50.00 becomes a strong possibility. However, a drop below the key support level of $40.76 could invalidate the bullish outlook, potentially resulting in a notable correction and losses for investors.

Cardano (ADA) has seen steady gains over the past two weeks, reaching a two-year high of $0.81 on November 16 before experiencing a slight pullback. It currently trades at $0.75, marking a 5% decline since its peak.

An analysis of its on-chain and technical indicators suggests that this downturn could continue, potentially hindering its ability to reclaim the $1 level — a milestone last reached in 2022.

Cardano Holders Sell For Gains

BeInCrypto’s assessment of Cardano’s exchange netflow has shown a spike in inflows over the past 24 hours, indicating profit-taking activity. As of 9:16 UTC on Monday, data from Coinglass shows that the altcoin has recorded net inflows totaling $7.21 million.

Higher exchange inflows suggest that coin holders are transferring their assets to exchanges to sell, leading to increased selling pressure and downward price movement.

Moreover, the decline in ADA’s trading volume over the past 24 hours confirms this bearish outlook. While the Cardano coin price surged by 7%, its trading volume dropped by 57% during that period. 

When an asset’s price climbs while the trading volume decreases, it suggests that fewer buyers are participating in the market, and the upward momentum may not be as strong as it appears. This indicates market participants’ loss of interest or a lack of conviction, as many prefer to sell for profit.

Notably, on Monday, transactions involving ADA have been significantly profitable. Per Santiment’s data, the ratio of daily on-chain transaction volume in profit to loss currently sits at 3.35, its single-day highest value since June 2020. 

This means that for every ADA transaction ending in a loss, 3.35 transactions have yielded a profit. This high profit-to-loss ratio signals a potential sell opportunity for Cardano traders aiming to realize gains. It potentially increases the downward pressure on the coin’s price.

ADA Price Prediction: Further Decline on the Horizon

At press time, Cardano is trading at $0.75, shy of its two-year peak of $0.81. If buying pressure continues to wane, the coin’s price could retreat further, seeking support at $0.69. A failure by the bulls to defend this level might push the Cardano coin price even lower, potentially to $0.61.  

Conversely, a shift in market sentiment and renewed demand for ADA could see its price reclaim the $0.81 high and rally beyond it.