Solana’s quantity within the decentralized alternate business jumped to a report excessive on Sunday, Jan. 19.
In accordance with DeFi Llama, Solana’s (SOL) DEX protocols dealt with $19.47 billion in quantity, up from $19.37 billion the day gone by. The earlier each day report was $7.5 billion in November final yr.
This surge occurred due to the latest launch of the Official Trump (TRUMP) meme coin that launched on Friday, Jan. 17. Thus far, the token has gained a market capitalization of over $7.5 billion, whereas its 24-hour buying and selling quantity jumped to $11 billion.
Most of this quantity is occurring in Solana DEX networks, led by Meteora, Raydium, Orca, and Lifinity. Different centralized exchanges like OKX, Binance, Bitget, and MEXC have additionally listed the token and are beginning to acquire some market share.
Solana’s DEX quantity was considerably greater than different main layer-1 and layer-2 chains. Ethereum’s (ETH) protocols dealt with $3.63 billion within the final 24 hours, whereas BNB Chain, Base, and Arbitrum dealt with $3 billion, $2 billion, and $1 billion, respectively.
Solana’s weekly quantity has additionally jumped to a report excessive of over $56 billion, a lot greater than Ethereum, BNB, Base, and Arbitrum mixed.
Different Solana meme cash additionally contributed to this quantity development. Bonk (BONK) jumped by 10%, with its 24-hour quantity reaching over $1 billion. Fartcoin worth jumped by nearly 30%, with its quantity reaching $557 million.
This efficiency led to greater charges for the Solana blockchain. Knowledge by TokenTerminal reveals that the charges jumped to $4.7 million, the best stage since Jan. 8.
Solana hits all-time excessive
These fundamentals and the rising SOL ETF approval hopes have pushed the token to a report excessive. It jumped to a excessive of $275 on Jan. 19, crossing final yr’s excessive of $265 and invalidating the double-top sample that shaped.
A double-top is a dangerous signal that usually results in a bearish breakout, initially to the neckline. On this case, the neckline was at $170, its lowest level this month.
Solana’s worth has remained above all transferring averages, whereas the Cash Circulation Index has tilted upwards and is nearing its overbought stage. Due to this fact, the coin will possible hold rising as bulls goal the important thing resistance at $281, the intense overshoot of the Murrey Math Strains.
