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

Journalist

Posted: December 18, 2023

• Solana’s quantity was over $1.5 billion as of the sixteenth of December.
• The TVL elevated considerably prior to now few weeks, hitting $1 billion.

Solana [SOL] just lately surpassed Ethereum [ETH] in a key metric for the primary time in historical past. This improvement highlighted the current constructive traits noticed within the community and its related token.

Solana tops quantity rankings

Based mostly on an evaluation of quantity metrics on DefiLlama, Solana had the best quantity as of the sixteenth of December. This was a notable achievement contemplating its community dimension in comparison with Ethereum, which went to second place.

Solana recorded over $1.5 billion, whereas Ethereum adopted with round $1.1 billion. Additionally, throughout that interval, Solana confirmed a constructive weekly change of over 54%. 

Supply: DefiLlama

Nevertheless, in line with the newest knowledge, Ethereum reclaimed the highest place with over $1.3 billion in quantity. Alternatively, Solana held the second spot with a quantity of over $1 billion.

Notably, these two networks had been the one ones with volumes over $1 billion as of this writing.

Analyzing the Solana quantity

A extra in-depth examination of Solana’s every day quantity chart confirmed a constant uptrend in current weeks. The transfer marked the primary sustained uptrend in every day quantity for the community.

Since November, the every day quantity has persistently surpassed $300 million, with a notable enhance in December. On the fifteenth of December, Solana achieved its highest-ever every day quantity, surpassing $1.2 billion.

The second-highest quantity of over $816 million occurred round 8 December. 

This rising development in every day quantity positions Solana as a formidable contender for the best quantity. Moreover, the Complete Worth Locked (TVL) has skilled a considerable rise alongside the amount.

A more in-depth evaluation of the TVL confirmed that it has now surpassed $1 billion, as of the newest knowledge. This was a major leap from round $672 million noticed in the beginning of the month.

Thus, there was an addition of practically $400 million prior to now two weeks.

Learn Solana’s [SOL] Worth Prediction 2023-24

SOL maintains a bull development

Over the current weeks, Solana has demonstrated exceptional traits, reclaiming value ranges not witnessed in over a 12 months. Regardless of some setbacks prior to now few days, it has persistently held throughout the $70 value vary.

As of this writing, the every day timeframe chart confirmed a buying and selling worth of round $72. Moreover, the Relative Power Index (RSI) confirmed that its bullish development remained, with the RSI standing above 60 as of this writing.

Supply: TradingView