Solana hits new all-time high

Solana (SOL) reached an all-time high of $272.77 earlier today as shared by Solana Floor on its page This sharp acceleration is evidence of increasing adoption and confidence in blockchain technology by investors.

🚨JUST IN: SOL hits new all-time high pic.twitter.com/LWVkyhunmv

– Solana Floor (@SolanaFloor) January 19, 2025

The new ATH positions Solana as one of the top players in the cryptocurrency market. Solana is focused on continuous network expansion and integration for everyday use.

What is behind Solana’s recent march?

Solana benefited from the recent launch of the TRUMP token. With the token rising more than 500% since its launch I mentioned By Blockchain News earlier, it has contributed greatly to Solana’s recent rise.

The recent rise can also be attributed to speculation of a possibility Solana ETF. The general feeling is that approving such an institution would fuel a great deal of institutional interest. As with BTC ETFs, approval could increase demand for SOL and make it a more dominant cryptocurrency. The hope of approval soon prompted traders to place their stakes to push Solana’s price to the new ATH.

Solaxy, a second-tier solution, has also positively impacted the recent SOL rise. Solaxy It helps improve framework scalability, reduces network load. This makes Solana more attractive to developers of decentralized applications (dApps) and non-fungible tokens (NFTs). These changes, coupled with incredible transaction speeds and minimal fees, have attracted more user and investor attention to Solana, increasing confidence in its capabilities.

Solana leads DEX trading volume

According to Solana Floor, SOL has arrived New ATH in DEX trading volume. DEX’s 24-hour trading volume exceeded $15 billion, capturing 60% of the DEX market share and surpassing Ethereum and all other layer 2 solutions by 300%. This proves the increasing use and effectiveness of Solana’s blockchain technology.

The high trading volume reveals huge interest in the Solana ecosystem since the project offers the highest transaction speeds and low fees. The ability to outperform Ethereum, a traditional industry leader in decentralized finance, or DeFi, shows a growing appeal among commerce and development. The dominance of Solana DEX adds to the bullish sentiment that could lead to further price action.

SOL’s current performance and technical outlook

According to Coinmarketcap data, Solana (Sol) Priced at $268.88 at the time of writing. During the past 24 hours, the price rose to 17.75%. This rise has brought the market capitalization to $129.92 billion, making it the fifth largest cryptocurrency. Daily trading volume reached $24.68 billion, up from 191.36% as more investors entered the asset following the recent rally.

Currently, the circulating supply of SOL is 486.68M while the total supply is 592.52M. Solana’s recent rally comes on the heels of bullish sentiment and an ever-increasing reliance on technology.

Brief look at Solana 1 minute chart TradingView provides a deeper look into the technical patterns that influence its price. The currency’s RSI stands at 63, near the overbought level but still indicating upward momentum.

On the other hand, the MACD is bullish with the MACD line above the signal line. The chart remains positive and this suggests that although the momentum may wane soon, the rally may soon extend. The current MACD value is 3.05 with strong positive momentum that could send the price higher if buying pressure continues.