Amidst the recent market developments, Solana has gained traction within the crypto community once again after its DEXs saw considerable growth in trading activity, now surpassing Binance’s BSC Chain.
This growth has come when the markets have been experiencing a decent price rise, creating a bullish sentiment among investors for the SOL token. The token has also been steadily rising and has seen an impressive growth of more than 100% since last month.
Solana’s TVL (Total Value Locked) Increased by More than 40%
Solana’s TVL (Total Value Locked) was about $409 million at the start of November, surging to more than $600 million within a matter of weeks. While this trend has since seen a slight correction, there is still considerable movement of funds within the ecosystem. Solana’s decentralized exchanges (DEX) also made headlines, experiencing an incredible 54% surge in trading volume in just one week. This impressive jump pushed Solana’s DEX platforms past the $3 billion mark, which is recorded as its current all-time high.
The DEXs that saw a surge in the trading volume include Solana’s top options like Raydium and Orca, which reported growth exceeding 70%. Given the current market conditions, the community considers this achievement an impressive feat.
As a massive ecosystem, Solana has grown constantly in the past couple of months. While there were no major pumps in recent weeks, steady growth was experienced within the entire ecosystem, thanks to an increasing number of active participants. This is why many believe that the native token may be due for more growth.
Will This Affect the Price of Solana?
The sale of the now-defunct FTX exchange’s SOL tokens is something that many expected would put a major dent in the prices of Solana. However, since the 55.7 million tokens were earmarked for sale last month, the value and demand for SOL seem to have been growing, contrary to many expectations.
The crypto market, in general, has seen a decent price increase over the last few days, and Solana has followed suit. Currently priced within the $57 range, the token is anticipated to experience further growth before correcting itself to a slightly lower level. However, given that this growth wasn’t fueled by hype or major news concerning the project’s development, it is also likely that SOL would maintain the current price level and exhibit more growth in the upcoming couple of months.