TRUMP Meme Coin Drives Solana DEX Volume and Pushes SOL Price to All-Time High

The recent surge in Solana’s decentralized exchange (DEX) volume and its subsequent price rally to an all-time high can largely be attributed to the launch of the Official Trump meme coin. On January 19, 2025, Solana’s DEX protocols handled a record-breaking $19.47 billion in volume, marking a significant jump from the previous day’s $19.37 billion and surpassing the prior record of $7.5 billion set in November 2024. This spike in activity is directly linked to the launch of the Trump meme coin on January 17, 2025, which has rapidly gained popularity and now boasts a market capitalization of over $7.5 billion and a 24-hour trading volume of $11 billion.

Solana’s decentralized platforms, including Meteora, Raydium, Orca, and Lifinity, have seen most of this volume, with other centralized exchanges like OKX, Binance, Bitget, and MEXC also participating. Notably, Solana’s DEX volume now far exceeds that of Ethereum and other competing chains, with Ethereum handling only $3.63 billion in 24-hour volume, and other layer-1 and layer-2 solutions like BNB Chain, Base, and Arbitrum also falling behind.

In addition to the Trump meme coin, other Solana-based meme coins like Bonk (BONK) and Fartcoin have contributed to the volume surge, further fueling activity within the Solana ecosystem. Bonk, for instance, saw a 10% increase in its price and a 24-hour trading volume of over $1 billion, while Fartcoin’s price rose by almost 30%, with its volume reaching $557 million. These developments have led to a notable rise in Solana’s blockchain fees, which reached $4.7 million on January 19, the highest level since January 8, 2025.

As a result of this bullish momentum and the ongoing speculation surrounding a potential Solana ETF approval, the price of Solana (SOL) has soared to an all-time high of $275 on January 19, surpassing its previous peak of $265 from the previous year. This breakout invalidated the double-top pattern that had formed on the price chart, a technical pattern that typically signals bearish behavior but was now negated by the current upward trend. With Solana remaining above all key moving averages and the Money Flow Index nearing its overbought level, the price is expected to continue its upward trajectory. The next major resistance level for Solana stands at $281, which could mark a further rally in the coming weeks.

Overall, the combination of meme coin excitement, Solana’s rising DEX volume, and growing anticipation around a potential ETF approval has positioned Solana for continued success in the crypto market, setting it apart from other leading blockchain platforms. Investors are closely monitoring these developments, with many predicting that Solana could see even higher prices in the near future as bullish momentum continues to build.