TRUMP memecoin helps SOL price beat Ethereum – Solana’s TVL jumps to $12 billion.

Solana (SOL) price reached a new high of 0.00936 against Ether (ETH) on January 19 before retracing the current level of 0.0769.

SOL's impressive performance in recent days can be attributed to the memecoin associated with the incoming US President Donald Trump, official TRUMP ($TRUMP), which has increased interest in Solana, increasing its price and trading volume.

RELATED: Donald Trump's memecoin drops 38% as wife Melania launches token

For the first time since November 2022, Solana's network total value locked (TVL) has crossed the $10 billion mark and reached a new all-time high of over $12 billion.

Solana TVL hit a new all-time high of $12 billion

The hype around Solana, the official TRUMP memecoin, has seen SOL/USD rocket to its peak on January 19, with an increase in Total Value Locked (TVL).

On January 20, Solana Network DApps accounted for more than $12 billion in SOL, representing a 50% increase over the past seven days, according to Defillama data.

In the meantime, Solana DeFi continues to smash TVL ATHs.

The activity on Solana is crazy right now, many people are finding opportunities beyond memecoins.

For tokens like $JUP, $JTO, $CLOUD, $KMNO to prosper and for $MET, $VAULT,… pic.twitter.com/o7X6qXaD5F

— nxxn (@sol_nxxn) January 20, 2025

Solana TVL crossed the $10 billion mark on January 18, shortly before the fall of FTX, and the levels seen in November 2022 have been moving in a continuous upward direction – an event that triggered a 71% decrease in the price of SOL to $7 in December 2022.

SOL's price has risen 3000% since then, accompanied by a 5,800% jump in TVL over the same period.

Solana's TVL's 46 percent increase over the past 30 days is significantly higher than other top layer-1 blockchains such as Ethereum, Tron, and BNB Smart Chain (BSC). In particular, Ethereum TVL contracted by 1.87% in the last month.

RELATED: ‘Buy Crypto' and ‘Solana' Search Volumes Soar Amid TRUMP Meme Frustration

The number of daily transactions on the Solana blockchain increased from 45,881 to 57,084 between January 17th and January 19th amid the memecoin frenzy, indicating that the overall network activity It shows revival.

How high can SOL rates go in January?

Many analysts say that the price of SOL still has more room to rise in January, especially as the Trump administration may create strategic Bitcoin reserves in the coming days along with other crypto-friendly regulatory measures.

Meanwhile, Polymarket places a 40%-50% chance of the SOL price hitting the $300 mark on January 31.

However, not everyone is bullish, as “$300 for SOL could be a full cycle peak,” said anonymous crypto analyst REX.

“It's hard to see a bigger stimulus than TRUMP” to push SOL prices up from that level, he argued.

At the same time, the analyst and trader Greene believes that the price of SOL is “rising sharply”, setting the two intermediate targets at $ 370 and $ 425. The long-term target is set at $ 685.

“A couple of days ago, several indicators were pointing to Solana's performance, and this was mixed with Trump's Memecoin and strategic reserve rumors.”

From a technical perspective, the SOL price chart shows a bullish flag pattern on the four-hour time frame as shown below.

Bull flags are usually formed after the price breaks above the upper trend line and rises equal to the previous high. This puts the maximum SOL price at $360, which is a 40% increase from the current level.

Finally, the daily relative strength index, or RSI, is positive at 58, indicating that there is more room before the “oversold” 70 level is reached.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.