Solana sees massive surge in DEX trading activity, TVL climbs 42%


20 Nov 2023 6:00 AM

Solana’s top two decentralized exchanges, Orca and Raydium, witnessed a surge in trade volume over the past week. ...

  • Solana's decentralized exchanges (DEXes) experienced a significant increase in trading volume, surpassing $3 billion.
  • Orca and Raydium, the top two DEXes on Solana, observed a growth of 70% in trade volume.
  • Solana's Total Value Locked (TVL) increased by 42% since the beginning of November.
  • Despite the surge in activity, SOL price remained relatively stable above $60.
  • The trading volume of decentralized exchanges on Solana grew by 54% in the past week, reaching a record high.
  • Solana's TVL also climbed by 42% during the same period.
  • The top two DEXes on Solana experienced a trade volume growth of over 70%.
  • Solana now ranks third in terms of weekly transaction volume, behind Ethereum and Arbitrum.
  • The increase in activity did not lead to a recovery in SOL price, which continued to trade sideways.
  • Solana's price rally is expected to continue, with the token trading above $60 and showing an uptrend.
  • If SOL price remains above the 10-day Exponential Moving Average (EMA), it is likely to continue climbing.

The article provides positive news about the surge in trading volume on Solana's decentralized exchanges. However, it also highlights that the increase in activity did not have a significant impact on SOL price. Overall, the sentiment is mixed.

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