Journalist
Posted:
- DEX volume rose to an annual high of $466 million on November 11.
- The TVL has increased by 81% in the past month.
Solana [SOL] posted one of its best performances in terms of decentralized exchange (DEX) volumes in the past 24 hours.
Solana’s DEX volumes are rising
According to a recent post by popular on-chain analyst Patrick Scott, Solana climbed to the number two position in 24-hour DEX volume by chain on November 12. According to Scott, this was the first time Solana took second place.
Big changes in DEX volume by chain this week. Solana jumped to number 2. ThorChain jumped to number 3. And BSC was pushed all the way to rank 5.
As far as I know, BSC has been in the top 3 since September 2020. Solana has never been number 2 before. pic.twitter.com/AWasQj1YNn
—Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) November 12, 2023
At the time of writing, Solana has dropped to third position, according to DeFiLlama. But it didn’t detract from the impressive run of Solana-based DEXes in recent days.
Transactions worth $2.25 billion were recorded on Solana last week, an increase of almost 60%. In fact, DEX volume rose to an annual high of $466 million on November 11, as shown below.
Source: DeFiLlama
Sharp jump in TVL
In addition to trading volume, the value of crypto deposited on the Solana blockchain also rose to new highs.
Total value locked (TVL) topped $550 million at the time of writing, marking a whopping 81% jump from the past month. The parabolic rise in TVL followed a sideways trajectory that dominated most of 2o23.
Source: DeFiLlama
SOL in the middle of a bull run
The rise was largely a result of the gravity-defying moves of the native SOL token. The seventh largest digital asset by market cap has exploded 172% in the past month, trading at $58 at the time of writing, per CoinMarketCap.
The latest rally also sent SOL to its annual highs, which continued to fluctuate within a narrow trading range of $20-$30 for most parts.
The price increase also led to a capital inflow. According to Santiment, Open Interest (OI) in Solana futures has risen 44% in the past week.
A rise in OI coinciding with a rise in the price of a crypto asset was indicative of bullish market sentiment.
Source: Santiment
Is your portfolio green? look at the SOL profit calculator
The price pump over the weekend also made SOL a talking point in crypto circles. The number of mentions of the coin on major crypto social media channels has skyrocketed, as shown above.
Social chat around a cryptocurrency has historically played an important role in attracting new participants. It’s no surprise then that analysts and traders are following this to get a good indication of the asset’s next steps.