Solana price has surged past $255 extending weekly gains to 35%, driven by heightened network activity from the launch of TRUMP and MELANIA meme coins.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
While the rest of the crypto market is consolidating, Solana price has surged another 7% shooting past $255 levels. The launch of the TRUMP meme coin TRUMP $11.07 24h volatility: 0.6% Market cap: $2.21 B Vol. 24h: $433.65 M and MELANIA meme coin MELANIA $0.71 24h volatility: 6.9% Market cap: $106.86 M Vol. 24h: $35.29 M on Solana has shot up the network activity to new heights. Additionally, the surge in the spot Solana ETF filing has extended SOL price SOL $126.1 24h volatility: 1.6% Market cap: $64.35 B Vol. 24h: $2.54 B weekly gains to more than 35%.
Over the past week, the Solana network has witnessed a major uptick following the launch of the TRUMP meme coin and the MELANIA meme coins over the past weekend. This surge also indicates growing network adoption and utility within the blockchain ecosystem.
As per the recent data from Dune Analytics, there’s a sharp surge in daily transactions on the Solana blockchain, climbing from 45,881 on January 17 to January 19. The increase comes amid a memecoin frenzy, signaling a broader revival in network activity.
Source: Pump.fun
According to data from DefiLlama, Solana’s total value locked (TVL) reached an all-time high of $12 billion on January 20. As of January 22, the TVL stands at $11.8 billion, reflecting a 212% increase over the past seven days.
The total number of filings for the spot Solana ETF has been on the rise over the past two months. On Tuesday, January 21, REX Shares submitted its filing for a Solana ETF joining other asset managers: Grayscale, VanEck, 21Shares, Canary Capital, and Bitwise.
The anticipation of this approval has triggered a strong surge in the SOL price rally. As per the decentralized prediction platform Polymarket, there’s a 92% probability of approval in 2025.
Source: Polymarket
The approval of spot Solana ETF would open the gates for institutional investment in the blockchain. It will further enhance Solana’s legitimacy and visibility within mainstream financial markets.
JPMorgan analysts project that a spot Solana ETF could draw between $3 billion and $6 billion in capital inflows. Such an influx of funds could significantly drive SOL’s price upward, with potential targets ranging from $500 to $750.
Over the last two months, SOL price has remained range bound between $200-$260. Market analysts are hopeful that Solana will break through the resistance and enter the price discovery zone soon.
Just like Bitcoin, $SOL is on the edge of entering price discovery.
Push into the $260s again, and it goes a lot higher.
Spot & chill 🧘🏼♂️ pic.twitter.com/ervIbvAbDY
— Jelle (@CryptoJelleNL) January 22, 2025
Crypto market analysts continue to give $500 SOL price targets for the next market cycles. Analyst Kolin described the $500 target for Solana’s (SOL) price as “conservative”, asserting that “Solana is just getting started” and predicting a significant surge once “institutional money begins to flow in at scale”.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
