Solana’s volume in the decentralized exchange industry jumped to a record high on Sunday, Jan. 19.
Based on DeFi Llama’s data, the decentralized exchange (DEX) platforms associated with Solana (SOL) processed a total of $19.47 billion in transactions yesterday, marking an increase from the $19.37 billion recorded the day before. The previous highest daily volume was approximately $7.5 billion, which was achieved last November.
The significant spike occurred following the debut of the Official Trump (TRUMP) meme coin on Friday, January 17th. This new asset has already amassed a market capitalization exceeding $7.5 billion, and its 24-hour trading volume reached an impressive $11 billion.
As an analyst, I’ve observed a significant proportion of activity taking place within Solana Decentralized Exchange (DEX) platforms, primarily driven by Meteora, Raydium, Orca, and Lifinity. Moreover, centralized exchanges such as OKX, Binance, Bitget, and MEXC have also listed the token, gradually capturing a share of the market.
On Solana’s DEX platforms, trading volume was notably greater than other prominent layer-1 and layer-2 networks. In contrast, Ethereum (ETH) processed a volume of approximately $3.63 billion in the last 24 hours. Meanwhile, BNB Chain, Base, and Arbitrum managed volumes of around $3 billion, $2 billion, and $1 billion respectively during this period.
Solana’s weekly trading volume has soared to an unprecedented level of more than $56 billion, which significantly outperforms the sum of Ethereum, Binance Coin (BNB), Avalanche (Base), and Arbitrum when put together.
Besides Solana’s meme coins, other similar digital currencies also played a role in this surge of trading volumes. For instance, Bonk (BONK) experienced an increase of approximately 10% and surpassed a 24-hour trading volume of more than $1 billion. Additionally, Fartcoin saw its price climb nearly 30%, resulting in a 24-hour volume of around $557 million.
As a result of this outstanding performance, the transaction fees on the Solana blockchain reached an all-time high since January 8th, amounting to approximately $4.7 million. (TokenTerminal data reveals this.)
Solana hits all-time high
Due to these essential principles and increasing optimism about the SOL ETF’s approval, the token has reached an all-time peak. It soared up to $275 on January 19th, surpassing last year’s high of $265 and erasing the double-top pattern that had formed previously.
In simpler terms, a ‘double-top’ is a warning signal that usually results in a downward price movement, initially towards a support level, which in this instance was $170 – the lowest price point seen this month.
Based on current trends, Solana’s price continues to hover above its moving averages, with the Money Flow Index trending upward and approaching an overbought state. This suggests that the coin might continue climbing, as bulls aim for the significant resistance level at $281, which represents a potential extreme overshoot of the Murray Math Lines.
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2025-01-19 09:56