Solana DEX Volume Hits All-Time High of $19.47B as TRUMP Meme Coin Launches

Solana's volume in the decentralized exchange industry jumped to a record high on Sunday, Jan. 19.

Solana (SOL) is seeing record-breaking volume in the decentralized exchange (DEX) industry, reaching $19.47 billion on Sunday, Jan. 19, as per DeFi Llama. This marks a significant increase from the previous day's volume of $19.37 billion and the previous daily record of $7.5 billion set in November last year.

The recent launch of the Official Trump (TRUMP) meme coin on Friday, Jan. 17, has largely contributed to this surge in volume. The token has rapidly gained a market capitalization of over $7.5 billion, while its 24-hour trading volume reached an impressive $11 billion.

Solana DEX networks, including Meteora, Raydium, Orca, and Lifinity, are handling a majority of the TRUMP token trades. At the same time, centralized exchanges such as OKX, Binance, Bitget, and MEXC have also listed the token and are starting to gain some market share.

Solana DEX volume far outpaced that of other prominent layer-1 and layer-2 chains. Over the past 24 hours, Ethereum (ETH) protocols processed $3.63 billion, followed by BNB Chain ($3 billion), Base ($2 billion), and Arbitrum ($1 billion).

Solana's weekly volume also reached a record high, surpassing $56 billion—significantly higher than the combined weekly volume of Ethereum, BNB, Base, and Arbitrum.

Other Solana meme coins, such as Bonk (BONK), also contributed to the rising volume. BONK price increased by 10%, and its 24-hour volume reached over $1 billion. Additionally, Fartcoin price surged by almost 30%, with its volume reaching $557 million.

Solana blockchain fees have risen in response to this activity, reaching $4.7 million according to TokenTerminal—the highest level since Jan. 8.

Solana hits all-time high

These fundamentals and the rising hopes for a SOL ETF approval are pushing the token to new heights. On Jan. 19, SOL price reached a high of $275, surpassing the previous all-time high of $265 set last year and invalidating the double-top pattern that formed at that time.

A double-top is typically a bearish sign that can lead to a breakout to the downside, initially to the neckline. In this case, the neckline was at $170, which marks the lowest point of the price action this month.

Solana price has remained above all moving averages throughout its recent bullish momentum, and the Money Flow Index is trending up and approaching the overbought zone. As a result, the coin is likely to continue rising, with bulls targeting the key resistance at $281, which represents an extreme overshoot on the Murrey Math Lines.