Solana’s volume in the decentralized exchange industry jumped to a record high on Sunday, Jan. 19.
According to DeFi Llama, Solana’s (SOL) DEX protocols handled $19.47 billion in volume, up from $19.37 billion the previous day. The previous daily record was $7.5 billion in November last year.
This surge happened because of the recent launch of the Official Trump (TRUMP) meme coin that launched on Friday, Jan. 17. So far, the token has gained a market capitalization of over $7.5 billion, while its 24-hour trading volume jumped to $11 billion.
Most of this volume is happening in Solana DEX networks, led by Meteora, Raydium, Orca, and Lifinity. Other centralized exchanges like OKX, Binance, Bitget, and MEXC have also listed the token and are starting to gain some market share.
Solana’s DEX volume was significantly higher than other leading layer-1 and layer-2 chains. Ethereum’s (ETH) protocols handled $3.63 billion in the last 24 hours, while BNB Chain, Base, and Arbitrum handled $3 billion, $2 billion, and $1 billion, respectively.
Solana’s weekly volume has also jumped to a record high of over $56 billion, much higher than Ethereum, BNB, Base, and Arbitrum combined.
Other Solana meme coins also contributed to this volume growth. Bonk (BONK) jumped by 10%, with its 24-hour volume reaching over $1 billion. Fartcoin price jumped by almost 30%, with its volume reaching $557 million.
This performance led to higher fees for the Solana blockchain. Data by TokenTerminal shows that the fees jumped to $4.7 million, the highest level since Jan. 8.
Solana hits all-time high
These fundamentals and the rising SOL ETF approval hopes have pushed the token to a record high. It jumped to a high of $275 on Jan. 19, crossing last year’s high of $265 and invalidating the double-top pattern that formed.
A double-top is a risky sign that often leads to a bearish breakout, initially to the neckline. In this case, the neckline was at $170, its lowest point this month.
Solana’s price has remained above all moving averages, while the Money Flow Index has tilted upwards and is nearing its overbought level. Therefore, the coin will likely keep rising as bulls target the key resistance at $281, the extreme overshoot of the Murrey Math Lines.
