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Solana (SOL) has witnessed a significant surge in its price alongside an unparalleled increase in decentralized exchange (DEX) trading volume. Detailed statistics from DeFiLlama highlight that from March 3 to March 6, Solana's DEX trading volume consistently surpassed the $2 billion mark, reaching a staggering $2.85 billion on March 5, a record-setting figure for single-day trading volume.
This remarkable trend continued throughout the week, with the total weekly volume skyrocketing to $14.966 billion, marking an increase of 152.63%. This surge in trading activity reflects growing interest and confidence among traders and investors in the Solana ecosystem.
The increase in DEX trading volume has had a direct impact on the Solana network, leading to congestion due to the heightened activity of on-chain transactions. This congestion underscores the network's current challenges but also highlights the increasing usage and demand for Solana's fast and low-cost transaction capabilities.
Solana price on move
In tandem with the surge in trading volume, Solana's market price has shown bullish trends. The crypto is currently trading at $141.23, witnessing an impressive 6.83% increase in the last 24 hours and an even more remarkable 46.89% rise over the past 30 days. This price movement signals a strong bullish sentiment on the market, reinforcing Solana's position as a leading cryptocurrency in the digital asset space.
Further strengthening this bullish outlook, data from Coinglass indicates that the open interest in Solana has risen by 13.63%, currently standing at $2.31 billion. This increase in open interest, alongside the surge in trading volume and price, suggests that investors are not only optimistic about the future prospects of Solana but are also actively participating in its market activities.
As previously reported by U.Today, some analysts are even predicting that SOL could potentially reach the $200 price milestone in this market cycle. However, this expectation hinges on the broader market's stability and the continued influx of investor interest and confidence in Solana's technological framework and market position.
Gamza Khanzadaev
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov