Solana has recorded a massive surge in trading volume on two decentralized exchanges, Raydium and Orca, in the last seven days.\u00a0According to data, this dramatic surge birthed a 42% increase in SOL\u2019s Total Value Locked (TVL).<\/p>\n
SOL\u2019s price also reacted to this increased interest, scoring notable gains in the last week and rising above $60 to a high of $67.69 on November 15.\u00a0<\/p>\n
Data from DeFiLlama showed<\/a> a 54% increase in Solana\u2019s trading volume on decentralized exchanges (DEX). According to the data, the total trading volume surpassed $3.01 billion, a new high in the SOL ecosystem.\u00a0<\/p>\n SOL trading volume on the two top decentralized exchanges, Orca and Raydium, increased 45.7% and 47.79%, respectively, totaling 95.49% in one week. More so, Orca\u2019s utility token reacted to this massive spike in trading volume, surging nearly 20%.<\/p>\n Following this development, SOL TVL<\/a> spiked 42% from $409.68 million on November 1 to $584.56 million on Monday, November 20.\u00a0This development secured Solana among the top three chains in weekly transaction volume, after Ethereum ($9.97 billion) and Arbitrum ($4.49 billion).<\/p>\n Apart from the notable 7-day increase in trading volume, Solana has performed remarkably well in the last 30 days. SOL has recorded<\/a> an impressive 125% 30-day price gain.\u00a0<\/p>\n Amid this frenzy, prominent crypto investor and Ark Invest CEO Cathie Wood expressed optimism about Solana\u2019s potential growth.\u00a0During a November 15 CNBC interview<\/a>, she praised the Solana Blockchain for its speed and efficiency. As a result of Wood\u2019s bullish sentiment, SOL price soared even higher, scoring 20% within a day.\u00a0<\/p>\n However, although SOL capitalized on these positive changes to soar above $60, its rally has stalled. After an erratic price surge to $67.69 on November 15, SOL\u2019s price dipped to $55 on November 17.\u00a0<\/p>\n Its price now stands at $60.66, with a 24-hour price increase of 1.49%. But despite the minor price gains in the last 24 hours, SOL retains over 5% of its past week\u2019s gains.\u00a0<\/p>\n Solana Price Outlook<\/p>\n The chart below shows that Solana (SOL) has broken out from a bearish trendline and has formed a new one.\u00a0After trading between the $18 and $20 ranges for several weeks, SOL broke through a critical resistance at $23 in mid-October. And since then, the token has been unstoppable.<\/p>\n SOL continued soaring<\/a>, breaking another significant resistance at the $42 price level and exceeding $60 on November 15.\u00a0Although the bears have fought to suppress SOL\u2019s strides, the token is still significantly above two simple moving averages ($24.59 and $36.25).\u00a0<\/p>\n So even though the asset has dropped in price, there\u2019s a support level at the $58 price level that could prevent further decline.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Solana has recorded a massive surge in trading volume on two decentralized exchanges, Raydium and Orca, in the last seven days.\u00a0According to data, this dramatic surge birthed a 42% increase in SOL\u2019s Total Value Locked (TVL).<\/p>\n SOL\u2019s price also reacted to this increased interest, scoring notable gains in the last week and rising above $60 to a high of $67.69 on November 15.\u00a0<\/p>\n Data from DeFiLlama showed<\/a> a 54% increase in Solana\u2019s trading volume on decentralized exchanges (DEX). According to the data, the total trading volume surpassed $3.01 billion, a new high in the SOL ecosystem.\u00a0<\/p>\n SOL trading volume on the two top decentralized exchanges, Orca and Raydium, increased 45.7% and 47.79%, respectively, totaling 95.49% in one week. More so, Orca\u2019s utility token reacted to this massive spike in trading volume, surging nearly 20%.<\/p>\n Following this development, SOL TVL<\/a> spiked 42% from $409.68 million on November 1 to $584.56 million on Monday, November 20.\u00a0This development secured Solana among the top three chains in weekly transaction volume, after Ethereum ($9.97 billion) and Arbitrum ($4.49 billion).<\/p>\n Apart from the notable 7-day increase in trading volume, Solana has performed remarkably well in the last 30 days. SOL has recorded<\/a> an impressive 125% 30-day price gain.\u00a0<\/p>\n Amid this frenzy, prominent crypto investor and Ark Invest CEO Cathie Wood expressed optimism about Solana\u2019s potential growth.\u00a0During a November 15 CNBC interview<\/a>, she praised the Solana Blockchain for its speed and efficiency. As a result of Wood\u2019s bullish sentiment, SOL price soared even higher, scoring 20% within a day.\u00a0<\/p>\n However, although SOL capitalized on these positive changes to soar above $60, its rally has stalled. After an erratic price surge to $67.69 on November 15, SOL\u2019s price dipped to $55 on November 17.\u00a0<\/p>\n Its price now stands at $60.66, with a 24-hour price increase of 1.49%. But despite the minor price gains in the last 24 hours, SOL retains over 5% of its past week\u2019s gains.\u00a0<\/p>\n Solana Price Outlook<\/p>\n The chart below shows that Solana (SOL) has broken out from a bearish trendline and has formed a new one.\u00a0After trading between the $18 and $20 ranges for several weeks, SOL broke through a critical resistance at $23 in mid-October. And since then, the token has been unstoppable.<\/p>\nSOL Soars Amid Spike In Ecosystem Activity<\/h2>\n
Solana\u2019s DEX Volume Spikes 54% in a Week.<\/h2>\n
SOL Soars Amid Spike In Ecosystem Activity<\/h2>\n