David Sacks, the ex-PayPal executive Donald Trump just appointed as the ‘White House A.I. & Crypto Czar,’ is a major Solana proponent and a leader in the crypto investment firm Multicoin Capital.
On Dec. 5, PayPal’s operating chief, Sacks, was announced for the role, which he would fill with his co-hosting duties on the popular All-In podcast. Besides his keen interest in cryptocurrency and artificial intelligence, Sacks is a renowned investor in Solana and other blockchain venture projects.
At the 50th episode of the All-In show, Tank Sacks confirmed that he purchased a significant amount of Solana at a discount in October 2021. Later, in late 2023, he said Solana was the ‘biggest turnaround’ in crypto.
Despite its name attached to the FTX collapse through the exchange being so exposed to SOL, Sacks said he didn’t sell his stake during the crisis.
David Sacks Defends His Solana Holdings Amidst FTX Rumors
On the 159th episode of All-In, which aired in December 2023, Sacks spoke to rumors that he sold his SOL after the FTX debacle, making such an expensive mistake. He held his Solana, he said, pointing to annual returns of 92% and refusing suggestions that he offloaded his holdings to retail investors.
Solana is about to enter the future with a soon-to-be-appointed “crypto czar” under President Donald Trump, David Sacks. Sacks has been making some bold predictions that the platform has a chance to become a serious smart contract platform competitor to Ethereum, perhaps after the platform’s much-anticipated multi-chain fork.
In a 2021 episode of the All-In podcast, Sacks spoke about Solana’s potential to rival Ethereum as the world’s main blockchain.
He noted, “There’s a lot of people, I’d say, smart money in Silicon Valley who are betting on a flipping where Solana could ultimately overtake Ethereum as the preferred platform.”
Sacks admitted Solana may not immediately eclipse Ethereum but singled out the network’s market leadership, as it was already the seventh largest cryptocurrency by market cap at the time and could rise even further.
Solana Price Analysis
Solana has corrected to $235, about 10% down from a year-to-date high, but remains bullish. The rally that saw the cryptocurrency reach a record peak of $263 was followed by this dip. While this drop cut Solana’s gains, analysts remain optimistic Solana could bounce back and even retest the key resistance level of $300, which would mark a 30% jump in price from now.
According to CoinMarketCap data, Solana is currently trading at $238, showing an increase of 0.09%.
Solana’s daily chart shows potential for a strong recovery over the next 30 days. The price recently broke above a massive resistance level of $210, a price not touched since March this year. Such a breakthrough is considered an important signal that there is still buying interest in the market.
Solana looks to have been building a bullish flag chart pattern, a technical shape formed by quick growth and a long runway at the peak. Often, these patterns lead to bullish breakout histories.
Additionally, we could be looking at a break-and-retest pattern in Solana. In this scenario, the price breaks above a huge resistance level of $210 before returning to confirm if it has held. Typically, this pattern signals a continuation of the bullish trend.
