Solana’s volume makes history: Will SOL follow suit?
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%. 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.
**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 : AMBCrypto by Adewale Olarinde / Dec 17, 2023
**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%. 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.
**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 : AMBCrypto by Adewale Olarinde / Dec 17, 2023