Solana’s Total Value Locked (TVL) is inching toward $10 billion as May comes to a close, a milestone it hit in January this year. Currently at $9.4 billion, Solana ecosystem is getting crowded once again with activity, from meme coins to utility, just like its best period early this year.
Stablecoin inflows and protocol growth are driving it. “The blockchain that never sleeps” is how currently feels, with its fast transactions and low fees. But will Solana handle it this time? Or will congestion persist?
(source)
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Will Solana Breach Another ATH Next Month?
This month, Solana’s TVL can and will likely climb to $10 billion, driven by a 145% surge in stablecoins like USDC and USDT, now at $12.5 billion. Metamask, which also launched its native Solana support, is creating a new accessibility tool that draws EVM users.
In addition, Solana best protocols like Raydium ($2.65 billion TVL) and Jupiter ($2 billion) are thriving with meme coins trading, up 46% this month, adding liquidity. These factors make the $10 billion TVL mark achievable by month-end.
Earlier this year, Solana’s TVL crossed $10 billion, peaking at $11 billion. Back then, Solana price were hiting close to $300, its best to date, driven by meme coins and DeFi growth. Along with it, its trading volume soared to $41 billion, with stablecoin minting at $9.5 billion.
The meme coins space was electric during January’s ATH. Tokens like TRUMP and MELANIA skyrocketed, with TRUMP hitting a $10 billion market cap in a week. Bonk, the second-largest Solana meme coin, was also pumping earlier in November 2024 before SOL even hitting its ATH.
These best of Solana meme coins fueled network activity, with DEX volumes reaching $180 billion in Q1. However, volatility struck, TRUMP dropped 86%, and MELANIA fell 95%, which they now steadily climbing back.
Solana’s TVL shows a 50% bump from $6 billion to today’s $9.4 billion from early May, nearing January’s peak. The SOL price, now at $180, follows a bullish MACD divergence, hinting at a potential climb to $200. With 731 million weekly transactions and $78.5 billion realized cap,
Solana’s momentum is undeniable, pointing to a likely $10 billion TVL close. Meme coins season might be back soon on Solana, and today could be the best time to start entering the SOL trenches yet again.
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The Drawbacks: Is Solana Ready for Another Round
During January’s peak, Solana faced severe congestion. Transaction failure rates hit 40%, up from 20%, with fees spiking. Coinbase had 2+ hour waits for SOL transactions, Binance froze withdrawals, and DeFi platforms like Jupiter and Raydium broke, leaving users frustrated and the network strained.
Coinbase reported over 2-hour waits for SOL deposits/withdrawals, and Binance froze SOL withdrawals. DeFi platforms like Jupiter and Raydium broke, and Phantom wallet stopped working, frustrating users.
coinbase has a 2+ hour wait for sol deposits/withdrawls
binance has completely frozen sol withdrawls
all major exchanges are out of sol…. beyond bullish, actually insane
solana $1000 this month pic.twitter.com/SZ21baWVES
— kook 🏝️ (@KookCapitalLLC) January 20, 2025
The network struggled under the load, with spam bots and meme coin traffic clogging block producers, causing delays and invalidating transactions. This painted a challenging picture, with users unable to execute trades smoothly and exchanges disrupted.
So, the best question is not “What are the best Solana meme coins?” but rather “What is the best solution for these bothersome pains?”
Solana Best Solution During Meme Coins Craze
Solaxy, with its SOLX token, is a Solana Layer-2. A Scaling solution designed to ease Solana’s persistent network congestion. It processes transactions off-chain before bundling them into rollups and settling these TXs on Solana’s mainnet.
In short, Solaxy reduces the Solana burden and kills its congestion problems.
With SOLX, transaction speed is settled at lower costs as it addresses delays and failures during high-traffic periods. Solaxy maintains Solana’s security while boosting its scalability.
When Solana season hit its peak, volume was flying through the roof, and SOL just couldn’t handle the sudden spike. Here, Solaxy comes to save the day by rerouting all transactions via its layer-2.
Why is Solaxy important? While exchanges like Binance and Coinbase halt SOL transactions, Solaxy comes as a solution in the blockchain itself.
For a limited time, SOLX tokens are priced at $0.0017 at the end of its presale phase. The presale has raised closer to a record-breaking $40 million, numbers that will likely keep growing in this last phase.
For Solaxy, the presale will be concluded in less than 23 days before it hits exchange listings.
As a bonus for presalers, Solaxy offers a staking mechanism with a current APY of 101%, which can double your tokens in a year just by parking your Solaxy investment.
For the latest updates on the project, connect with the SOLX community on X and Telegram
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Key Takeaways
- Solana TVL is flying. Will Solana hit another ATH? If it does, can it handle it?
- Best Solana solution to save you from congestion pains.
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