Solana (SOL) price hit a new all-time high of 0.0936 against Ether (ETH) on Jan. 19 before retracing the current level of 0.0769.
SOL’s impressive performance in recent days can be attributed to the memecoin associated with US President-elect Donald Trump, Official TRUMP (TRUMP), which has boosted interest in Solana, leading to a surge in both its price and trading volume.
Related: Donald Trump’s memecoin drops 38% as wife Melania launches token
Moreover, the Solana network’s total value locked (TVL) crossed the $10 billion mark for the first time since November 2022 and reached a new all-time high of over $12 billion.
SOL/ETH daily chart. Source: Cointelegraph/TradingView
Solana TVL hits a new-time high of $12B
The frenzy around the Official TRUMP memecoin on Solana saw SOL/USD rocket to all-time highs on Jan. 19, alongside a spike in the total value locked (TVL).
On Jan. 20, Solana network DApps collectively held over $12 billion in SOL, representing a nearly 50% increase over the last seven days, per DefiLlama data.
In the meantime, Solana DeFi TVL continues to shatter ATHs
The activity on Solana is insane right now, with more people discovering opportunities far beyond just memecoins.
It’s the perfect environment for tokens like $JUP, $JTO, $CLOUD, $KMNO to thrive—and for $MET, $VAULT,… pic.twitter.com/o7X6qXaD5F
— nxxn (@sol_nxxn) January 20, 2025
Solana’s TVL has been on a steady upward trajectory, crossing the $10 billion mark on Jan. 18, to levels last seen in November 2022. That was just before the collapse of FTX, an event that triggered a 71% drop in SOL price to $7 in December 2022.
SOL price is up 3,000% since then, accompanied by a 5,800% jump in TVL over the same timeframe.
Total value locked on Solana. Source: DefiLlama
The 46% surge in Solana’s TVL over the last 30 days is significantly higher than other top layer-1 blockchains such as Ethereum, Tron and the BNB Smart Chain (BSC). Notably, Ethereum’s TVL has actually contracted 1.87% in the past month.
TVL on blockchains. Source: DefiLlama
Related: ‘Buy crypto’ and ‘Solana’ search volumes surge amid TRUMP meme frenzy
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