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

The price of Solana (SOL) hit an all-time high of 0.00936 against Ethereum (ETH) on January 19, before retracing the current level of 0.0769.

SOL’s recent impressive performance can be attributed to increased interest in Solana thanks to the memecoin associated with President-elect Donald Trump’s official TRUMP ($TRUMP), leading to a surge in price and trading volume.

relevant: Donald Trump’s memecoin fell 38% after his wife Melania launched the token.

Moreover, the Solana Network’s total locked value (TVL) surpassed $10 billion for the first time since November 2022 and reached an all-time high of over $12 billion.

Solana TVL hits a new high of $12 billion.

The enthusiasm surrounding Solana’s official TRUMP memecoin pushed SOL/USD to all-time highs on January 19th and also sent Total Value Locked (TVL) surging.

According to DefiLlama data, as of January 20, Solana Network DApps held a total of over $12 billion in SOL, an increase of nearly 50% over the past seven days.

Meanwhile, Solana DeFi TVL continues to destroy ATH.

Activity on Solana is crazy right now and more people are discovering the opportunity for more than just a memecoin.

It is the perfect environment for tokens such as: $JUP, $UN, $CLOUD, $KMNO to prosper and $MET, $VAULT,… pic.twitter.com/o7X6qXaD5F

– nxxn (@sol_nxxn) January 20, 2025

Solana’s TVL has shown a steady upward trajectory, surpassing $10 billion on January 18th. This is the last level seen in November 2022, just before the FTX collapse. This resulted in a 71% decline in the price of SOL to $7 in December 2022. .

SOL prices have risen 3000% since then, while TVL has also risen 5800% in the same period.

Solana TVL’s 46% surge over the past 30 days is significantly higher than other top layer 1 blockchains such as Ethereum, Tron, and BNB Smart Chain (BSC). Notably, Ethereum’s TVL has actually decreased by 1.87% over the past month.

relevant: Amid the TRUMP meme craze, searches for ‘buy cryptocurrency’ and ‘Solana’ surge.

The number of daily transactions on the Solana blockchain also increased from 45,881 to 57,084 between January 17 and January 19 amid the memecoin craze, indicating a general resurgence in network activity.

How much can SOL prices rise in January?

Some analysts say SOL’s price still has more room to rise in January. Especially since the Trump administration could create strategic Bitcoin reserves along with other cryptocurrency-friendly regulatory measures in the coming days.

Meanwhile, Polymarket sees a 40-50% chance that the SOL price will reach the $300 level by January 31st.

However, not everyone is bullish as $300 for SOL could be an outright cycle high, said anonymous cryptocurrency analyst REX.

He argues that “it’s hard to see a bigger catalyst than TRUMP” to push SOL’s price above that level.

At the same time, analyst and trader Greeny said he believes SOL’s price will “go much higher” and has set two intermediate targets at $370 and $425. The long-term target is set at $685.

“Multiple indicators were pointing to Solana’s outperformance two days ago, which further overlapped with Trump’s Memecoin and Strategic Reserve rumors.”

From a technical perspective, the SOL price chart shows a bullish pattern on a 4-hourly basis, as shown below.

A bull flag usually resolves after the price crosses the upper trendline and rises by the height of the previous uptrend. This puts the upper limit target for SOL price at $360, a 40% increase from current levels.

Lastly, the daily Relative Strength Index (RSI) is positive at 58, indicating further upside before the ‘oversold’ threshold of 70 is reached.

This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.