On January 19, the value of Solana (SOL) reached an unprecedented peak of 0.00936 when measured against Ethereum (ETH), but it has since dropped and is now at 0.0769.
In simpler terms, the strong showing of Solana (SOL) lately might be due to the attention generated by the meme-based cryptocurrency tied to former U.S. President Donald Trump, called Official TRUMP ($TRUMP). This connection seems to have piqued interest in Solana, resulting in a significant increase in both its price and trading activity.
Furthermore, the total value locked on the Solana network surpassed $10 billion for the first time since last November and hit a record high exceeding $12 billion.
Solana TVL hits a new-time high of $12B
On January 19th, there was an intense excitement about the Official TRUMP memecoin on the Solana platform, which caused the price of SOL/USD to reach record highs. This surge also coincided with a significant increase in the total value locked (TVL) within that period.
As reported by DefiLlamas data, the total value locked in Decentralized Applications (DApps) on Solana’s network surpassed $12 billion on January 20th, marking a nearly 50% rise over the past seven days.
Currently, the hype surrounding Solana is off the charts as its DeFi TVL consistently breaks new all-time highs. This surge in activity indicates that there’s more to Solana than just memecoins. In this booming ecosystem, tokens such as $JUP, $JTO, $CLOUD, and $KMNO are flourishing, while projects like $MET and $VAULT… are also gaining traction.
— nxxn (@sol_nxxn) January 20, 2025
Over the past period, Solana’s Total Value Locked (TVL) has consistently been rising, surpassing the $10 billion milestone on January 18th, a figure last reached in November 2022, mere days before the FTX crash. This incident led to a significant decrease of 71% in SOL’s price, pushing it down to $7 in December 2022.
SOL price is up 3000% since then, accompanied by a 5,800% jump in TVL over the same timeframe.
Over the past 30 days, Solana’s Total Value Locked (TVL) has experienced a remarkable jump of 46%, far exceeding the growth rates of other leading layer-1 blockchains like Ethereum, Tron, and Binance Smart Chain (BSC). Interestingly, Ethereum’s TVL has actually decreased by 1.87% during this period.
Transactions on the Solana blockchain have risen significantly during the memecoin craze, going from 45,881 to 57,084 daily transactions between January 17th and January 19th, suggesting a general upswing in network usage.
How high can SOL price go in January?
Multiple experts predict that Solana’s (SOL) value might continue to climb in January, with an optimistic outlook given President Trump’s potential establishment of a strategic Bitcoin reserve and other pro-crypto regulatory actions expected soon.
Meanwhile, Polymarket puts the odds of SOL price hitting the $300 mark by Jan. 31 at 40%-50%.
On the contrary, not everyone shares REX’s optimistic view that “$300 for SOL might mark the peak of the current market cycle.” This is a pseudonymous crypto analyst’s perspective.
He asserts that no catalyst larger than Trump can likely push the price of SOL beyond that point.
Simultaneously, analyst and trader Greeny expressed their confidence that SOL’s price will significantly increase, establishing intermediate targets at approximately $370 and $425. Their long-term projection for the price stands at a substantial $685.
“Several indicators were pointing to Solana outperformance two days ago, and that’s compounded with Trump’s Memecoin and Strategic Reserve rumours.”
Looking at it technically, the four-hour SOL price graph presents a ‘bull flag’ formation, as illustrated here. This pattern typically suggests potential upward momentum in the price of Solana.
Bull flags usually conclude when the price surpasses the upper boundary line, which can lead to an increase equivalent to the prior bullish trend’s height. This suggests that the upper limit for Solana (SOL) price could reach around $360, representing a potential 40% increase from its current position.
Ultimately, the Daily Relative Strength Index (RSI) stands at a healthy 58, suggesting that there’s still some potential for price increase as we haven’t yet reached the “overbought” level of 70.
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2025-01-20 16:22