- Solana ecosystem’s decentralized exchanges noted a massive spike in trading volume in the past week.
- Trade volume hit a record high, climbing past the $3 billion with top DEXes Orca, Raydium, having observed 70% growth.
- SOL price is down nearly 2% on the day but the Ethereum-alternative remains in an uptrend.
Solana’s top two decentralized exchanges, Orca and Raydium, witnessed a surge in trade volume over the past week. Solana’s Total Value Locked (TVL) climbed 42% since the beginning of November.
SOL price is in an uptrend, the altcoin traded sideways above $60, early on Monday.
Solana DEX trading volume climbs 54%
According to data from DeFi intelligence tracker, DeFiLlama, the trading volume of decentralized exchanges on Solana climbed 54% in the past week. The total trade volume climbed past the $3 billion mark, hitting a record high for the SOL ecosystem.
Between November 1 and early on Monday, Solana’s TVL climbed 42%, from $409.68 million to $584.56 million, as seen in the DeFiLlama chart.
Solana TVL as seen on DeFiLlama
Top two decentralized exchanges’ trade volume grew over 70% within a week. The recent developments pushed Solana to the top three chains in terms of weekly transaction volume. Solana is now third to Ethereum ($9.97 billion) and Arbitrum ($4.49 billion).
However, the activity recorded in the Solana ecosystem failed to catalyze a recovery in SOL price. While market participants engaged in transacting on DEXes in the Solana ecosystem, the token’s price traded sideways, but remains above the $60 mark on Binance.
Solana price rally likely to continue
Solana price started its uptrend on October 15. Since then, SOL price climbed to its $68 peak, trading above its three long-term Exponential Moving Averages (EMA) -10-day, 50-day and 200-day at $57.01, $40.50 and $28.18, respectively.
The Ethereum-alternative token is currently trading above the $60 mark on Binance and the asset is likely to climb higher in its uptrend. In the event of decline to the upper boundary of the Fair Value Gap between $48.94 and $50.99, the altcoin could fill the gap and resume its upward climb.
SOL/USDT 1-day chart
If SOL price sustains above the 10-day EMA, the asset is likely to continue climbing, supporting a short-term bullish outlook on the asset.