Solana’s Price Rallies 30% in a Week as Its TVL Hits ATH – Is a Rebound to $295 on the Horizon?
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Highlights:
- Solana’s price drops 3% to $239 as trading volume plunges.
- Solana reached a new record for its total value locked, driven by the recent rally of the TRUMP token and other related assets.
- The crypto community remains optimistic despite Trump’s silence on crypto policy.
Solana’s price has plunged 3% to 239 at press time, as its daily trading volume decreased 54% to $14 billion. Despite the market-wide pullback, SOL still boasts a 30% surge over the past week, 29% monthly, and 158% yearly.
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Solana reached a new record for its total value locked, driven by the recent rally of the Official Trump (TRUMP) token and other related assets. The inflow of funds into DEX boosted Solana’s total value locked(TVL).
Solana has up to $11.173 billion, finally recovering to its 2021 levels and breaking new records. The chain got a boost after its three major DEX, Raydium, Meteora, and Orca, saw an activity inflow after the launch of Official Trump (TRUMP) tokens.
Trump and Melania Coins Send DEXs Volumes Skyrocketing
The launch of $TRUMP and $MELANIA has ignited a trading frenzy, driving DEX volumes to record highs.
Yesterday, the total volume reached $45.7B, and today it has already surpassed $47B, with Solana accounting for 58% of the… pic.twitter.com/ESaAqyTjIy
— CryptoRank.io (@CryptoRank_io) January 20, 2025
With Solana hitting a new all-time-high TVL, can it rebound to its ATH at $295? Let’s dive into the technical overview and decrypt more.
Solana Statistical Data
Based on CoinmarketCap data:
- SOL price now – $239
- Trading volume (24h) – $14.48 billion
- Market cap – $116.64 billion
- Total supply – 592.56 million
- Circulating supply – 486.66 million
- SOL ranking – #5
Crypto Community Remains Positive Despite Trump’s Silence on Crypto Policy
The Solana price has dropped like a dead weight in the air from its recent ATH at $295 to $239 at press time. The market-wide sell-off fueled the wobble in Solana prices, as Trump’s inauguration speech ignored references to crypto policy on the first day.
This saw various cryptocurrencies, including meme coins, plunge mercilessly. On Monday, a Reuters report shared that Circle CEO Jeremy Allaire expects the President to sign executive orders soon. These orders would ease restrictions on banks dealing with crypto, potentially ending “Operation Choke Point 2.0.”
According to Reuters, Circle CEO Jeremy Allaire said that US President Trump may soon sign an executive order to make it easier for banks to own digital assets. Allaire called for the repeal of the US SEC's Staff Accounting Bulletin (SAB 121), which prevents financial…
— Wu Blockchain (@WuBlockchain) January 21, 2025
Meanwhile, the technical outlook upholds a bullish picture in the Solana market. The immediate support levels at $209 and $176, coinciding with the 50-day and 200-day SMAs, give the bulls the upper hand. If the support levels hold, the Solana price could rally.
Although not overbought, the Relative Strength Index(RSI) reinforces the bullish outlook. Despite plunging from the 73.18 overbought zone, its position at 61.57 still reinforces a bullish grip. The slight retracement in the RSI also enables the bulls to sweep through enough liquidity before initiating a substantial leg up.
On the other hand, the MACD calls for traders to rally behind SOL, manifested by the MACD in blue(9.5227) crossing above the orange signal line(3.3295). This suggests that traders and investors are inclined to buy more SOL unless the MACD changes.
Solana Price Poised for a Rebound to $295
Despite the market pullback, the Solana price still reinforces the bullish grip. If the bulls increase their buying appetite at this level and the support levels hold, the Solana price could rally. In such a case, the bulls could reach the $267 mark in the short term.
In such a case, the Solana price could recommence its upward trend and revisit its all-time high of $295.83. It could flip this level into a support floor, propelling it to new all-time highs at $300. On the flip side, if the market-wide sell-off continues, Solana’s price could fall through, with the $209 support level in line to cushion against further downward.
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