Solana (SOL) witnessed a spike in trading volume across decentralized exchanges (DEX). Over the past seven days, data highlights a 54% surge in Solana’s trading volume on platforms like Raydium and Orca, breaching the $3.01 billion mark and triggering a notable 42% increase in SOL’s Total Value Locked (TVL).
This surge in trading activity hasn’t gone unnoticed as SOL’s price rallied significantly. Rising above the $60 milestone, SOL soared to a remarkable high of $67.69 on November 15, marking a substantial leap in value driven by heightened market interest.
The surge on DEX platforms notably impacted the TVL metrics, with SOL’s TVL catapulting by an astounding 42%, surging from $409.68 million on November 1 to $584.56 million on November 20. This surge solidified Solana’s position among the top three chains in weekly transaction volume, a remarkable feat alongside Ethereum and Arbitrum.
Solana also notched up a striking 125% gain in its 30-day price trajectory, a testament to its robust performance and growing investor confidence. However, despite the momentous surge to $67.69, Solana experienced a minor retreat, dipping to $55 on November 17, followed by a rebound to $60.66. Even with this slight pullback, SOL managed to retain over 5% of its gains from the previous week.
Analyzing Solana’s price trends, the charts illustrate a breakout from a bearish trendline, surging past critical resistance levels at $23 and $42. While encountering resistance, SOL remains notably above two significant simple moving averages ($24.59 and $36.25), indicating a sustained bullish momentum.
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