Solana (SOL) has witnessed a significant rise in its price along with an incomparable increase in decentralized exchange (DEX) trading volume. DeFiLlama’s detailed statistics highlight that from March 3 to March 6, Solana’s DEX trading volume consistently surpassed the $2 billion mark, reaching a staggering $2.85 billion on March 5, a record for the trading volume of a single day.
Solana (SOL) has witnessed a significant rise in its price along with an incomparable increase in decentralized exchange (DEX) trading volume. DeFiLlama’s detailed statistics highlight that from March 3 to March 6, Solana’s DEX trading volume consistently surpassed the $2 billion mark, reaching a staggering $2.85 billion on March 5, a record for the trading volume of a single day.
This notable trend continued throughout the week, with total weekly volume skyrocketing to $14,966 million, an increase of 152.63%. This increase in commercial activity reflects growing interest and confidence among merchants and investors in the Solana ecosystem.
The increase in DEX trading volume has had a direct impact on the Solana network, causing congestion due to increased on-chain transaction activity. This congestion underscores the network’s current challenges, but also highlights the growing use and demand for Solana’s fast, low-cost transaction capabilities.
Solana price in motion
Along with the increase in trading volume, the market price of Solana has shown bullish trends. The cryptocurrency is currently trading at $141.23, witnessing an impressive 6.83% rise in the last 24 hours and an even more notable 46.89% rise in the last 30 days. This price movement indicates strong bullish sentiment in the market, reinforcing Solana’s position as a leading cryptocurrency in the digital asset space.
Further strengthening this bullish outlook, data from Coinglass indicates that open interest in Solana has increased by 13.63%, currently standing at $2.31 billion. This increase in open interest, coupled with the increase in trading volume and price, suggests that investors are not only optimistic about Solana’s future prospects but are also actively participating in its market activities.
As Guru-Investingpreviously reported, some analysts are even predicting that SOL could potentially reach the $200 price milestone in this market cycle. However, this expectation is dependent on the stability of the overall market and the continued influx of investor interest and confidence in Solana’s technological framework and market position.
