Ethereum

Solana

Raydium

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<ul>
 <li>Solana’s DEX volume surged by 54%, elevating TVL by 42%.</li>
 <li>SOL’s trading volume surpassed $3.01 billion in a week.</li>
 <li>SOL soared 125% in 30 days, drawing investor interest.</li>
</ul>
Solana (SOL) witnessed a spike in trading volume across decentralized exchanges (DEX). Over the past seven days, <a href="https://defillama.com/dexs/chains/solana" rel="noopener noreferrer nofollow">data</a> highlights a 54% surge in Solana’s trading volume on platforms like Raydium and Orca, breaching the $3.01 billion mark and triggering a notable 42% increase in SOL’s Total Value Locked (TVL).
This surge in trading activity hasn’t gone unnoticed as SOL’s price rallied significantly. Rising above the $60 milestone, SOL soared to a remarkable high of $67.69 on November 15, marking a substantial leap in value driven by heightened market interest.
The surge on DEX platforms notably impacted the TVL metrics, with SOL’s TVL catapulting by an astounding 42%, surging from $409.68 million on November 1 to $584.56 million on November 20. This surge solidified Solana’s position among the top three chains in weekly transaction volume, a remarkable feat alongside Ethereum and Arbitrum.
Solana also notched up a striking 125% gain in its 30-day price trajectory, a testament to its robust performance and growing investor confidence. However, despite the momentous surge to $67.69, Solana experienced a minor retreat, dipping to $55 on November 17, followed by a rebound to $60.66. Even with this slight pullback, SOL managed to retain over 5% of its gains from the previous week.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/VqiV4pcFiHE4OBK-zAVKvHOOK25yL88oUKLDBgV-eLrO5nkt43oTaPLnabOZJ7XobX8Odfx0HqsSnfYmNR8pH7QwoaslbNycSSZD_YfOUXT8R33zKa4e2kjcmXEV_x2IkBwUf78oOW9XyZfvwRWZuL8" alt="">
</figure>
Source: TradingView
Analyzing Solana’s price trends, the <a href="https://www.tradingview.com/x/6ae7DIxx/" rel="noopener noreferrer nofollow">charts</a> illustrate a breakout from a bearish trendline, surging past critical resistance levels at $23 and $42. While encountering resistance, SOL remains notably above two significant simple moving averages ($24.59 and $36.25), indicating a sustained bullish momentum.
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4>
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 <li><a href="https://cryptonewsland.com/can-solana-sol-enter-the-top-10-cryptocurrencies-in-2023/" rel="noopener noreferrer nofollow">Can Solana (SOL) Enter the Top 10 Cryptocurrencies in 2023?</a></li>
 <li><a href="https://cryptonewsland.com/why-is-sols-20-surge-more-than-just-riding-bitcoins-coattails/" rel="noopener noreferrer nofollow">Why is SOL’s 20% Surge More Than Just Riding Bitcoin’s Coattails?</a></li>
 <li><a href="https://cryptonewsland.com/is-solana-dead-here-are-the-facts-pushing-sol-to-ground/" rel="noopener noreferrer nofollow">Is Solana Dead? Here are the Facts Pushing SOL to Ground</a></li>
 <li><a href="https://cryptonewsland.com/solana-explodes-with-a-200-surge-can-sol-reach-50-in-jan/" rel="noopener noreferrer nofollow">Solana Explodes With a 200% Surge. Can SOL Reach $50 In JAN?</a></li>
 <li><a href="https://cryptonewsland.com/solana-sol-price-analysis-july-week-3-to-4/" rel="noopener noreferrer nofollow">Solana (SOL) Price Analysis July Week 3 to 4</a></li>
</ul>
The post <a href="https://cryptonewsland.com/solanas-tvl-surges-over-50-in-dex-activity-while-sol-price-skyrockets/" rel="noopener noreferrer nofollow">Solana’s TVL Surges Over 50% in DEX Activity While SOL Price Skyrockets</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Solana’s TVL Surges Over 50% in DEX Activity While SOL Price Skyrockets

Crypto News Land

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