April 15, 2024
Solana dex trading volume surges 54% in the past week, TVL climbs

Solana has seen a huge increase in trading volume over the past seven days on two decentralized exchanges, Radium and Orca. According to the data, this dramatic surge led to a 42% increase in the Total Value Locked (TVL) of SOL.

The price of SOL also reacted to this increased interest, making notable gains over the past week and rising above $60 to reach a high of $67.69 on November 15.

Solana’s DEX volume increased by 54% in a week.

Data from DeFiLlama showed a 54% increase in Solana trading volume on decentralized exchanges (DEX). According to the data, the total trading volume exceeded $3.01 billion, which is a new high in the SOL ecosystem.

SOL trading volume on the two top decentralized exchanges, Orca and Radium, increased by 45.7% and 47.79% respectively, bringing the total to 95.49% in a week. Additionally, Orca’s utility token reacted to this huge increase in trading volume, rising by nearly 20%.

Following this development, SOL TVL increased by 42% from $409.68 million on November 1 to $584.56 million on Monday, November 20. This development secured Solana among the top three chains in weekly transaction volume behind Ethereum ($9.97 billion) and Arbitrum ($4.49 billion). ,

SOL rises amid surge in ecosystem activity

Apart from a remarkable 7-day increase in trading volume, Solana has performed remarkably well over the past 30 days. SOL has recorded an impressive 30-day price gain of 125%.

Amidst this frenzy, prominent crypto investor and CEO of Ark Invest, Cathie Wood, expressed optimism about Solana’s potential growth. During a CNBC interview on November 15, he praised the Solana blockchain for its speed and efficiency. As a result of Wood’s bullish sentiment, the price of SOL increased even more, reaching 20% ​​within a day.

However, although SOL took advantage of these positive changes to surge above $60, its rally has stalled. After an irregular price rise to $67.69 on November 15, the price of SOL fell to $55 on November 17.

Its price is now $60.66, with a 24-hour price increase of 1.49%. But despite a slight price increase over the past 24 hours, SOL has retained more than 5% of its last week’s gains.

Solana Price Outlook

The chart below shows that Solana (SOL) has broken out of a bearish trend line and formed a new trendline. After trading between the $18 and $20 range for several weeks, SOL broke a key resistance at $23 in mid-October. And since then, the token has been unstoppable.

Source: tradingview.com

SOL continued to rise, breaking another important resistance at the $42 price level and rising above $60 on November 15. Although bears have struggled to suppress SOL’s progress, the token is still well above the two simple moving averages ($24.59 and $36.25).

So even if the asset price has declined, there is a support level at the $58 price level that could prevent further downside.

Featured image from Pixabay and chart from tradingview.com

source: www.newsbtc.com

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