On December 16th, a new high was reached in the world of cryptocurrencies. Solana’s volume surpassed the $1.5 billion mark, a significant milestone that highlights the positive trends observed in its network and associated token, SOL. Interestingly, Solana outpaced Ethereum, a leading player in the crypto space, in a critical metric for the first time in history.
How Solana Topped the Volume Rankings
According to DefiLlama’s volume metrics analysis, Solana had the highest volume on December 16th. This accomplishment is particularly noteworthy given Solana’s network size compared to Ethereum, which fell to the second spot. Solana’s volume was over $1.5 billion, while Ethereum trailed with around $1.1 billion. Moreover, during this period, Solana exhibited a positive weekly change of over 54%.
However, the latest data shows that Ethereum has regained the top position with a volume exceeding $1.3 billion. Solana, on the other hand, maintains the second spot with a volume of over $1 billion. It is worth noting that these two networks were the only ones with volumes over $1 billion at the time of writing.
Deep Dive into Solana’s Volume
A detailed look at Solana’s daily volume chart reveals a steady uptrend in recent weeks. This marks the first sustained increase in daily volume for the network. Since November, the daily volume has consistently exceeded $300 million, with a significant surge in December. On December 15th, Solana hit its highest-ever daily volume, surpassing $1.2 billion. The second-highest volume, over $816 million, was recorded around December 8th.
This growing trend in daily volume positions Solana as a strong contender for the highest volume. In addition, the Total Value Locked (TVL) has seen a substantial increase alongside the volume. A closer examination of the TVL reveals that it has now exceeded $1 billion, a significant jump from around $672 million at the start of the month. Thus, nearly $400 million was added in the past two weeks.
Solana’s Bullish Trend Continues
In recent weeks, Solana has shown impressive trends, regaining price levels not seen in over a year. Despite a few setbacks, it has consistently maintained the $70 price range. As of this writing, the daily timeframe chart indicated a trading value of around $72. Furthermore, the Relative Strength Index (RSI) showed that its bullish trend remained intact, with the RSI standing above 60 at the time of writing.
For those interested in tracking these trends and gaining insights into the crypto market, cryptoview.io offers a comprehensive platform. It provides real-time data and analytics, making it easier for users to make informed decisions.
