Connect with us
Active Currencies 14777
Market Cap $2,541,343,695,279.30
Bitcoin Share 51.32%
24h Market Cap Change $0.15

Solana edges out competition, carves niche in DEXes

2min Read

Solana climbed to the number two position in DEX volumes by chain, registering this feat for the first time ever.

Solana ekes out competition, carves niche among DEXes

Share this article

  • The DEX volume leaped to a yearly peak of $466 million on the 11th of November.
  • The TVL rose by 81% over the last month.

Solana [SOL] recorded one of its best feats in terms of decentralized exchange (DEX) volumes in the last 24 hours.

Solana’s DEX volumes on the rise

According to a recent post by popular on-chain analyst Patrick Scott, Solana climbed to the number two position in 24-hour DEX volume by chain on the 12th of November. As per Scott, this was the first time that Solana bagged the second rank.

As of press time, Solana slipped to the third position, according to DeFiLlama. But it took nothing away from the impressive run of Solana-based DEXes in the last few days.

Trades worth $2.25 billion were recorded on Solana over the past week, marking an increase of nearly 60%. In fact, the DEX volume leaped to a yearly peak of $466 million on the 11th of November, as shown below.

Source: DeFiLlama

Sharp jump in TVL

Apart from trading volume, the value of crypto deposited on the Solana blockchain was also soaring to new highs.

The total value locked (TVL) went past $550 million as of press time, representing a whopping 81% jump over the last month. The parabolic surge in TVL followed a sideways trajectory which dominated the greater part of 2o23.

Source: DeFiLlama

SOL in the middle of a bull run

The surge was largely a result of the gravity-defying movements of native SOL token. The seventh-largest digital asset by market cap has exploded 172% over the past month, trading at $58 at the time of writing, per CoinMarketCap.

The latest rally also sent SOL to its yearly peaks, which otherwise wobbled in a narrow trading range of $20-$30 for most parts.

The price rise also resulted in capital inflows. The Open Interest (OI) in Solana futures increased 44% in the last week, according to Santiment.

A rise in OI coinciding with a rise in price of a crypto asset was indicative of bullish market sentiment.

Source: Santiment

Is your portfolio green? Check out theĀ SOL Profit Calculator

The price pump over the weekend also made SOL a talking point in crypto circles. The number of mentions of the coin on top crypto social media channels jumped, as shown above.

Social chat around a crypto coin has historically played a significant role in attracting new participants. Hence, it’s not surprising to see analysts and traders tracking these to get a good indication of the asset’s next moves.


Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains. His focus lies on the intersection between cryptos and traditional finance. He prefers DC over Marvel, cats over dogs and Hyderabadi Biryani over Kolkata Biryani.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.