As SOL token skyrocketed to a high of $198 in the past 24 hours, the total DEX trading volume on Solana surpassed $100 billion for a second consecutive month.
Solana, a prominent Layer 1 blockchain network, broke past a massive milestone for the second consecutive month, attracting the attention of the digital asset community. The total decentralized exchange (DEX) trading volume on Solana once again exceeded the $100 billion mark while SOL $142.2 24h volatility: 3.8% Market cap: $73.61 B Vol. 24h: $3.42 B , the native token of the protocol, turned bullish in the past 24 hours.
According to data from DefiLlama, in December Solana recorded $100.782 billion in DEX trading volume, while Ethereum witnessed just around $77 billion. Base with a volume of $44.5 billion, BSC with $41.33 billion, and Arbitrum with $30.39 billion, along with SOL and ETH $1 760 24h volatility: 3.4% Market cap: $212.64 B Vol. 24h: $13.27 B , formed the top five blockchains with the highest DEX trading volume.
For October and November, the DEX trading volume on Solana stood at $52.49 billion and $129 billion, respectively. On the other hand, the blockchain has topped the list of networks with the highest DEX trading volume since the past three months, outperforming Ethereum, which had a DEX trading volume of $41.4 billion in October and $70.6 billion in November.
Further, DefiLlama data also confirms that in the past 24 hours, Solana had a much higher number of active addresses (4.29 million) than its rival Ethereum (475K). However, Ethereum is still the champion when it comes to the total value locked, having a TVL of $68.516 billion, significantly higher than Solana’s $8.471 billion.
It is important to note that the rise in DEX trading volume on Solana debunks the general market stereotype that SOL is only popular because of the thousands of meme coins created on the blockchain following the debut of Pump.fun. As per CoinGecko data, the market cap of meme coins on the Solana blockchain stands at a whopping $16.22 billion, with a monumental $3.5 billion traded in the past day.
SOL Skyrockets
SOL rebounded from a daily low of $184 and surged to a daily high of $198.70. At the time of writing, the altcoin is trading at $197.69 as the bulls and the bears fight for dominance. The $200 price level is a crucial zone for SOL. With the skyrocketing DEX volume on Solana, it is possible that the altcoin might reclaim $200.
In the last seven days, the SOL token has dipped 12.11% while crashing 19.73% in the last 30 days. Moreover, the cryptocurrency is still trading at a 25.32% discount to its all-time high of $263.83, seen over a month ago.
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Source: TradingView
- As seen in the image above, the Solana weekly chart is on the verge of a bearish divergence, with the signal line (red) breaking above the MACD line (blue). This is a bearish indication, and if SOL does not reclaim $200 and move towards $210, the MACD histogram might turn red with SOL retesting $160 if bears take over.
