- Solana is having its most bullish month ever, with trading volume, token price, and total value locked all trending upwards since recovering from FTX’s collapse.
- Decentralized exchanges on Solana hit $51 billion monthly volume in November, surpassing the previous high. Weekly volume also set a new record of $21 billion.
- Solana’s native token SOL rallied to a 2022 high of $65 despite the SEC deeming it an unregistered security. Total value locked increased from $427 million to $576 million in November alongside daily transaction volume growth.
Solana is having its most bullish month on record, with major metrics like trading volume, token price and total value locked all trending upwards. The blockchain has seemingly recovered from the existential threat posed by the collapse of FTX, its former main backer.
All-Time High Trading Volume
Decentralized exchanges on Solana reached $51 billion in monthly volume for November, marching past its previous peak of $28 billion during November 2021. Weekly volumes also climbed to a new high of $21 billion, outperforming the same week last year by more than 33%.
Renewed Interest Across Crypto
The pickup in DEX usage on Solana mirrors a trend across crypto. Since mid-September, decentralized exchanges have been trending upwards. Over $26 billion was handled across these platforms, its highest since March 2022.
SOL Price Rallies
Alongside the renewed interest in trading, Solana’s native token SOL is also gaining momentum. Defying its designation as an unregistered security by the SEC, SOL hit a yearly high of $65.42 on Nov 16. Recent price action took Solana to overtake Cardano and USDC in market cap, although the stablecoin has now reclaimed 6th place.
Total Value Locked Climbs
Solana is also seeing increases across all network metrics. Total Value Locked has skyrocketed from $427 million on Nov 1 to $576 million today. Over the same period, daily volume has picked up from $241 million to $353 million. However, SOL has pulled back in recent days, likely due to the SEC’s latest enforcement action against Kraken exchange.
Project Pipeline Growing
Fueling Solana’s growth could be upcoming project launches. Established and new decentralized physical infrastructure projects like Helium, Render, Hivemapper and Nosana are setting sights on Solana. The much-awaited Firedancer validator client is also set to launch soon.
Fewer Outages
Solana has also been receiving upgrades leading to improved stability. There were no outages in Q2 and Q3, and the widespread technical changes along with Firedancer will provide more resilience and uptime as the bull market kicks off.
Conclusion
After surviving an existential crisis, Solana is showing encouraging signs of returning interest and growth. If the leading DeFi blockchain can sustain this bullishness, it could foreshadow a broader recovery for crypto as a whole. But continued progress on reducing outages and improving stability will be key for Solana to maintain its momentum.
