SOL’s DEX and NFT volume stand out but its TVL tells a different tale…

• Solana weekly DEX volume spiked by over 70%.
• SOL’s value has continued its bull trend as it trades around $19.

Solana [SOL] has been making waves lately, as evidenced by its notable surge in trading volume. This was according to DefiLlama’s latest weekly ranking. The achievement can be considered commendable, but there’s more exciting news to share: the NFT sales sector was also experiencing positive developments.

However, one question remains: Has this influenced Solana’s total value locked (TVL) in any way? Additionally, it would be interesting to know the current status of SOL.

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Solana DEX volume surges

In a recent DefiLlama ranking reported by Emperor Osmo, Solana made a remarkable leap in its weekly Decentralized Exchange (DEX) volume. The DefiLlama chart revealed that Solana secured the sixth position, but what caught attention was the astounding surge of over 74% it experienced.

Solana’s cumulative volume, at press time, stood at over $56 billion. Furthermore, its 24-hour volume surpassed $38 million at the time of this writing.

Solana NFT trade volume flashes positives

To add to the aforementioned data, Santiment’s chart revealed a notable upswing in the USD volume of NFTs in recent weeks. The chart showed that the volume ranged between $15 million and $17 million towards the end of the previous month.

While it experienced a decline in the past few days, the value remained considerably higher than most of the preceding year. As of this writing, the USD trade volume for NFTs stood at nearly $3 million. 

Source: TradingView

Impact on TVL?

Regarding Total Value Locked (TVL), Solana’s performance has been lackluster, as depicted in its chart. Based on the information from DefiLlama, Solana’s TVL has remained stagnant since experiencing a decline around November 2022. At press time, the TVL stood at approximately $271.6 million, with no evident signs of a significant upward trend on the horizon.

Realistic or not, here’s SOL market cap in BTC’s terms

A closer look at Solana [SOL] on the daily timeframe chart revealed its determined effort to recover and overcome previous obstacles. As of this writing, SOL was trading at approximately $19.3, exhibiting a modest gain of less than 1%. Encouragingly, it managed to trend above its short Moving Average (yellow line).

However, the long Moving Average (blue line) was now posing as a resistance level. On a positive note, the Moving Average Convergence Divergence (MACD) indicated a bullish trend, continuing to trend above the zero line.

Source: TradingView