Crypto traders’ interest in Solana remains very high as trading volume for the digital asset over the weekend surpassed that of Bitcoin and Ethereum on major centralized exchanges.
Conor Grogan, director at Coinbase, first pointed out this milestone on December 24, saying SOL saw more trading than the combination of the two largest cryptocurrencies by market cap.
Riyad Carey, an analyst at Paris-based crypto intelligence platform Kaiko, continues confirmed This finding says that the same trend was observed on Kraken and Gemini, two of the largest US-based crypto trading platforms.
SOL’s trading volume beat BTC and ETH on UPbit and MEXC over the past 2 and 3 days, respectively.
Carey continues shared a graph showing that compared to ETH and BTC, SOL’s trading activities were on an upward trend. According to the chart, SOL trading is approaching 40% of trading activity on centralized crypto platforms, while ETH and BTC fell.
According to Carey, these figures are “unprecedented” and demonstrate the continued interest that SOL is currently generating in the market.
Why SOL Volume is Rising
Over the past year, Solana has experienced remarkable growth, defying previous associations with Sam Bankman-Fried, the disgraced founder of bankrupt cryptocurrency exchange FTX. Despite this, the network is thriving and attracting a growing user base.
During this period, Solana forged strategic alliances with renowned global financial players such as Visa and Shopify. These partnerships use blockchain technology to streamline payment procedures, showcasing the potential of the SOL Network to a wider global audience.
Furthermore, the recent surge in interest in the Solana-based BONK memecoin and the resurgence of decentralized finance (DeFi) activity on the smart contract-backed blockchain have significantly contributed to the recent upward trajectory.
These developments have helped push SOL’s price to new highs, up more than 800% year-to-date, to nearly $120 at the time of writing, according to Crypto Slates facts.