Solana News: Key Developments and Future Price Outlook

Recent developments in the Solana ecosystem are shaping the future price trajectory of SOL tokens. Here’s a closer look at the factors influencing the cryptocurrency’s market performance.

Two Big Factors That Are About To Change Solana’s (SOL) Price

Last week, the Solana token rallied upwards to a weekly peak at $145, but traders’ hopes for a $150 resistance breakthrough were dashed. Despite the bearish pressure, Remittix, a new PayFi platform addressing crypto asset withdrawal and liquidation issues, is gaining attention from DeFi traders. The SOL ecosystem has become a hub for meme coins in 2024, providing utility through various DeFi features.

Solana-Focused Advocacy Group Headed by Former DeFi Lobbyist Debuts

One of Washington’s top crypto lobbyists, Miller Whitehouse-Levine, who previously headed the DeFi Education Fund, has established the Solana Policy Institute, the country’s first nonprofit focused on the interests of Solana. The Solana Policy Institute advocates for decentralized networks like Solana, which are seen as the future infrastructure of the digital economy. Whitehouse-Levine believes that now is a key moment to ensure the interests of the digital asset industry due to its newfound political cache in D.C.

Solana Meme Coin Vine Coin Spikes on Elon Musk’s Vine Revival Hint

Elon Musk, the world’s richest man, has hinted at the revival of the old school video app Vine. An xAI employee announced that the company has acquired the defunct mobile app. In response, Vine Coin (VINE), created by the app’s co-founder, has spiked 122% over the past three days. Musk’s love affair with Vine started back in January when he expressed interest in bringing back the popular app amid concerns about TikTok’s ban in the U.S. The co-founder of Vine, Rus Yusupov, launched a Solana meme coin hinting that the app’s return could possibly use the token, prompting it to quickly touch a $498 million market cap. However, it has since fallen 89% to $55 million.

Solana Policy Institute Established to Represent SOL in Federal Blockchain Policy Discussions

The Solana Policy Institute (SPI), a non-partisan, non-profit organization, was founded on March 31 to engage with lawmakers and educate them on the role of decentralized networks in the digital economy. SPI aims to advocate for Solana (SOL) in Washington and promote legal clarity for Solana-based application builders and users. The organization was established by Miller Whitehouse-Levine, former CEO of the DeFi Education Fund, and will work alongside other crypto advocacy groups. SPI plans to present the Solana ecosystem as a case study of how decentralized technologies can contribute to economic and social infrastructure. Its mission also includes convening Solana developer and user community stakeholders to highlight real-world use cases.