$293 Peak High: Solana’s Growth Pushes Boundaries Amid Meme Coin Frenzy – Markets and Prices Bitcoin News
On Jan. 19, at approximately 5:30 a.m. ET, solana (SOL) achieved a record-breaking milestone, climbing to an unprecedented $293 per coin. Since the beginning of Jan., SOL has advanced over 42% in value relative to the U.S. dollar.
Solana’s Rapid Rise Leaves Traders Buzzing
Solana has captured significant attention lately, shattering its previous record and reaching a new high of $293 per coin. As of 12:30 p.m. ET, SOL is trading at $266.90 per coin. The latest price increase appears closely linked to the debut of Donald Trump’s official meme coin, TRUMP.
According to the X account Solanafloor, onchain data indicates that the TRUMP team wallet—responsible for providing liquidity in Meteora’s pools—has been actively acquiring SOL using fees generated from the pools, with purchases amounting to millions of dollars’ worth of SOL. Over the past 24 hours, SOL has recorded an impressive $31.60 billion in global trading volume.
In addition to the launch of the TRUMP meme coin, Solana has experienced a noteworthy 12-month period. Market data reveals that its value has surged by 187% over the past year. Furthermore, the cryptocurrency has shown significant recovery compared to its performance following the collapse of FTX, whose employees, including Sam Bankman-Fried, had controlled large amounts of vested SOL. The FTX estate, tasked with managing the company’s bankruptcy proceedings, sold its SOL holdings at a fraction of today’s valuation.
Earlier liquidation efforts involved 25–30 million locked SOL tokens sold at $64 apiece, generating as much as $1.9 billion for the estate. The final tranche of SOL tokens was sold at $102 each, still well below the market price of $266.90 per coin as of Jan. 19. Looking ahead, SOL faces a major token unlock scheduled for March 1, 2025, when 112 million SOL tokens are set to enter circulation. This event will release approximately 23% of the cryptocurrency’s total supply into the market.
Solana’s progression encapsulates a nuanced synthesis of market forces, technological ingenuity, and deliberate strategic actions. Though the cryptocurrency has exhibited adaptability and sustained growth, the forthcoming token unlock introduces profound questions regarding liquidity pressures and investor psychology. As Solana approaches this critical juncture, its trajectory will hinge on the interplay of these elements, defining its position within the ever-evolving cryptocurrency sphere.
