Solana’s quantity within the decentralized trade trade 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 prior to this. 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 going on 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 larger 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 larger than Ethereum, BNB, Base, and Arbitrum mixed.
Different Solana meme cash additionally contributed to this quantity progress. Bonk (BONK) jumped by 10%, with its 24-hour quantity reaching over $1 billion. Fartcoin worth jumped by virtually 30%, with its quantity reaching $557 million.
This efficiency led to larger charges for the Solana blockchain. Information by TokenTerminal exhibits that the charges jumped to $4.7 million, the best degree 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 fashioned.
A double-top is a dangerous signal that always 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 Move Index has tilted upwards and is nearing its overbought degree. Due to this fact, the coin will doubtless hold rising as bulls goal the important thing resistance at $281, the acute overshoot of the Murrey Math Traces.
