Solana’s decentralized exchanges, particularly Orca and Raydium, have experienced a significant surge in trading volume over the past week.
- The Solana ecosystem’s decentralized exchanges (DEXes) experienced a significant increase in trading volume in the past week, reaching a record high of over $3 billion.
- Leading DEXes on Solana, such as Orca and Raydium, witnessed 70% growth in trading volume.
- Despite a 2% decline in SOL price on the day of the report, Solana remains in an uptrend.
- Solana’s trading volume on DEXes grew by 54% in the past week, making it one of the top three chains in terms of weekly transaction volume, following Ethereum and Arbitrum.
The Solana ecosystem’s decentralized exchanges (DEXes) have seen a substantial surge in trading activity over the past week, with trading volume reaching a record high of over $3 billion. Notably, top DEXes like Orca and Raydium experienced a remarkable 70% growth in their trading volume.
Solana DEX trading volume climbs 54%
Solana’s Total Value Locked (TVL) has also witnessed significant growth, increasing by 42% since the beginning of November. This increase in TVL highlights the growing interest and participation in the Solana ecosystem.
Despite a minor 2% decline in the price of SOL on the day of the report, Solana continues to be in an overall uptrend. The altcoin has been trading steadily above the $60 mark.
#Solana sees massive surge in DEX trading activity, TVL climbs 42%— JONES RANDY (@joneseugeneb) November 20, 2023
Solana’s top two decentralized exchanges, Orca and Raydium, witnessed a surge in trade volume over the past week pic.twitter.com/lKbIxtrHjb
Data from DeFi intelligence tracker DeFiLlama reveals that the trading volume on decentralized exchanges within the Solana ecosystem surged by 54% in the past week. This impressive growth pushed the total trade volume past the $3 billion mark, setting a new record for the SOL ecosystem.
Solana price rally likely to continue
The TVL in the Solana ecosystem, as depicted in the DeFiLlama chart, increased from $409.68 million to $584.56 million between November 1 and the report’s publication.
Solana’s recent developments have positioned it as the third-largest chain in terms of weekly transaction volume, trailing behind Ethereum and Arbitrum. Ethereum recorded a weekly transaction volume of $9.97 billion, while Arbitrum saw $4.49 billion in weekly transactions.
Despite the heightened activity within the Solana ecosystem, SOL’s price has remained relatively stable. The token has been trading above the $60 mark on the Binance exchange.
The report concludes that Solana’s price rally is likely to continue, as the token has been in an uptrend since mid-October. SOL’s current position above key Exponential Moving Averages (EMAs) suggests the potential for further upward movement.
In the event of a price decline to the upper boundary of the Fair Value Gap, between $48.94 and $50.99, the altcoin may fill the gap and resume its upward trajectory.