Solana

Arbitrum

Raydium

Solana has recorded a massive surge in trading volume on two decentralized exchanges, Raydium and Orca, in the last seven days.&nbsp;According to data, this dramatic surge birthed a 42% increase in SOL’s Total Value Locked (TVL). 
SOL’s price also reacted to this increased interest, scoring notable gains in the last week and rising above $60 to a high of $67.69 on November 15.&nbsp; 
<h2 id="solana-s-dex-volume-spikes-54-in-a-week">Solana’s DEX Volume Spikes 54% in a Week.</h2> 
Data from DeFiLlama <a href="https://defillama.com/dexs/chains/solana" target="_blank" rel="noopener nofollow">showed</a> a 54% increase in Solana’s trading volume on decentralized exchanges (DEX). According to the data, the total trading volume surpassed $3.01 billion, a new high in the SOL ecosystem.&nbsp; 
SOL trading volume on the two top decentralized exchanges, Orca and Raydium, increased 45.7% and 47.79%, respectively, totaling 95.49% in one week. More so, Orca’s utility token reacted to this massive spike in trading volume, surging nearly 20%. 
Following this development, <a href="https://defillama.com/chain/Solana" target="_blank" rel="noopener nofollow">SOL TVL</a> spiked 42% from $409.68 million on November 1 to $584.56 million on Monday, November 20.&nbsp;This development secured Solana among the top three chains in weekly transaction volume, after Ethereum ($9.97 billion) and Arbitrum ($4.49 billion). 
<h2 id="sol-soars-amid-spike-in-ecosystem-activity">SOL Soars Amid Spike In Ecosystem Activity</h2> 
Apart from the notable 7-day increase in trading volume, Solana has performed remarkably well in the last 30 days. SOL has <a href="https://www.newsbtc.com/press-releases/solana-registers-huge-30-day-gains-inqubeta-set-to-follow-and-outshine-sol/" target="_blank" rel="noopener ">recorded</a> an impressive 125% 30-day price gain.&nbsp; 
Amid this frenzy, prominent crypto investor and Ark Invest CEO Cathie Wood expressed optimism about Solana’s potential growth.&nbsp;During a November 15 CNBC <a href="https://www.youtube.com/watch?v=kj95_DAc-Ao" target="_blank" rel="noopener nofollow">interview</a>, she praised the Solana Blockchain for its speed and efficiency. As a result of Wood’s bullish sentiment, SOL price soared even higher, scoring 20% within a day.&nbsp; 
However, although SOL capitalized on these positive changes to soar above $60, its rally has stalled. After an erratic price surge to $67.69 on November 15, SOL’s price dipped to $55 on November 17.&nbsp; 
Its price now stands at $60.66, with a 24-hour price increase of 1.49%. But despite the minor price gains in the last 24 hours, SOL retains over 5% of its past week’s gains.&nbsp; Solana Price Outlook 
The chart below shows that Solana (SOL) has broken out from a bearish trendline and has formed a new one.&nbsp;After trading between the $18 and $20 ranges for several weeks, SOL broke through a critical resistance at $23 in mid-October. And since then, the token has been unstoppable. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/6ae7DIxx/" alt="SOL chart" width="1281" height="579"> 
SOL continued <a href="https://www.newsbtc.com/news/company/solana-price-rises-above-60-with-these-altcoins-also-bullish/" target="_blank" rel="noopener ">soaring</a>, breaking another significant resistance at the $42 price level and exceeding $60 on November 15.&nbsp;Although the bears have fought to suppress SOL’s strides, the token is still significantly above two simple moving averages ($24.59 and $36.25).&nbsp; 
So even though the asset has dropped in price, there’s a support level at the $58 price level that could prevent further decline.

Solana DEX Trading Volume Spikes 54% In The Last Week, TVL Climbs

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