Several crypto enthusiasts have tipped a surging price for Solana (SOL) following Donald Trump’s Artificial Intelligence (AI) and Crypto policy adviser. The President-elect named David Sacks, the White House Crypto Czar, citing its importance to the economy. Solana’s activities have spiked since the announcement due to his pro-SOL stance.
This spark in transactions led to a 5% growth in Solana’s price, as the asset hit $247. His relationship with the SOL community is a major reason for this sentiment surge. Sacks is reportedly among the early buyers of the asset and has previously commented positively on SOL.
In an episode of the All-In Podcast, he noted that he has an investment in Solana, which recorded upticks. Crypto users have rallied toward the asset to pitch bull positions. X (formerly Twitter) user Solana Legend hinted that his appointment could hasten the pathway to spot Solana ETFs.
“Solana was not a direct investment for us, we invested in a crypto venture firm called Multicoin Capital… we gave them a $1 million and a 20 cap to help set up their firm and they were like the first money into Solana. That fund is like a 100X fund and as a result of that we are indirect beneficiaries of this huge increase in Solana. It will end up being about a $1 billion worth of Solana for us in terms of returns…”
Solana’s Onchain Activity Surge
Solana has benefited from improved sentiments in the US market. Recent developments have seen the price surge above multiple resistance levels. This skyrocketing rally has spiked transactions, with institutional and retail traders amassing tokens.
A key area driving SOL price is meme coins attracting funds from the market. The volatility of these tokens has led to huge swings around the ecosystem. Notably, the uphill climb has seen some traders rake in millions this bull cycle. While meme tokens were important in Solana’s rise, institutional firms were primary contributors.
CoinShares Weekly Fund Flows show Solana notch consecutive weekly gains as institutional investors picked up pace. This led to the asset outpacing Ethereum (ETH ) and other altcoins this year, repeating similar movements from last year. The anticipation of Solana ETFs drove inflows higher and, if approved by the Securities and Exchange Commission, will help shape the altcoin season.