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Solana (SOL) has been on a tear recently, surging to a new all-time high of 0.0936 against Ether (ETH) on January 19 before retracing slightly to 0.0769. Currently trading at $255.79 as of January 20, 2025, SOL’s impressive performance can largely be attributed to the launch of the Official TRUMP memecoin, which has increased interest in Solana and driven a significant uptick in both SOL’s price and trading volume.
The Solana network also saw a remarkable milestone, with its total value locked (TVL) surpassing $12 billion on January 20, marking a nearly 50% rise in just a week. Solana’s TVL has been steadily increasing since surpassing the $10 billion mark on January 18, a level not seen since before the FTX collapse in 2022. Solana’s TVL has surged by 5,800% since then, outpacing competitors like Ethereum.
In addition to a resurgence in network activity, the number of daily transactions on Solana increased by 24% from January 17 to January 19, indicating growing demand for the blockchain. Analysts remain bullish on SOL, with Polymarket odds suggesting a potential price of $300 by January 31.
Disclaimer: This article is for informational purposes only and does not provide financial advice.