Solana’s volume makes history: Will SOL follow suit?

Journalist

Posted: December 18, 2023

• Solana’s volume was over $1.5 billion as of the 16th of December.
• The TVL increased significantly in the past few weeks, hitting $1 billion.

Solana [SOL] recently surpassed Ethereum [ETH] in a key metric for the first time in history. This development highlighted the recent positive trends observed in the network and its associated token.

Solana tops volume rankings

Based on an analysis of volume metrics on DefiLlama, Solana had the highest volume as of the 16th of December. This was a notable achievement considering its network size compared to Ethereum, which went to second place.

Solana recorded over $1.5 billion, while Ethereum followed with around $1.1 billion. Also, during that period, Solana showed a positive weekly change of over 54%. 

Source: DefiLlama

However, according to the latest data, Ethereum reclaimed the top position with over $1.3 billion in volume. On the other hand, Solana held the second spot with a volume of over $1 billion.

Notably, these two networks were the only ones with volumes over $1 billion as of this writing.

Analyzing the Solana volume

A more in-depth examination of Solana’s daily volume chart showed a consistent uptrend in recent weeks. The move marked the first sustained uptrend in daily volume for the network.

Since November, the daily volume has consistently surpassed $300 million, with a notable increase in December. On the 15th of December, Solana achieved its highest-ever daily volume, surpassing $1.2 billion.

The second-highest volume of over $816 million occurred around 8 December. 

This emerging trend in daily volume positions Solana as a formidable contender for the highest volume. Additionally, the Total Value Locked (TVL) has experienced a substantial rise alongside the volume.

A closer analysis of the TVL showed that it has now surpassed $1 billion, as of the latest data. This was a significant leap from around $672 million observed at the beginning of the month.

Thus, there was an addition of nearly $400 million in the past two weeks.

Read Solana’s [SOL] Price Prediction 2023-24

SOL maintains a bull trend

Over the recent weeks, Solana has demonstrated remarkable trends, reclaiming price levels not witnessed in over a year. Despite some setbacks in the past few days, it has consistently held within the $70 price range.

As of this writing, the daily timeframe chart showed a trading value of around $72. Furthermore, the Relative Strength Index (RSI) showed that its bullish trend remained, with the RSI standing above 60 as of this writing.

Source: TradingView