In the past few weeks, Solana (SOL) has garnered significant attention, providing substantial returns to its holders. Notably, the recent DeFiLlama report has captured widespread interest. In the last week, Solana’s decentralized exchange (DEX) volume surged significantly by 54%.
SOL’s DEX trading volume set new records
SOL’s DEX trading volume surpassed $3 billion in the past week, setting a new record high with over $210 million TVL. Leading DEXs Orca and Raydium also experienced growth exceeding 70%. Solana currently holds the position as the third-largest blockchain in weekly transaction volume, trailing behind Ethereum ($9.97 billion) and Arbitrum ($4.49 billion).
Experts attribute this surge to the endorsement Solana received on November 15, 2023, when Cathie Wood, the founder and CEO of ARK Invest, praised Solana over Ethereum during an interview with CNBC’s Squawk Box. Her bullish statements caused SOL to surge by over 20% within 24 hours. In the interview, she emphasized that in the rapidly expanding Web3 landscape, Solana is excelling. Additionally, she compared SOL with Ethereum and Bitcoin (BTC), noting that SOL is faster and cheaper than both ETH and BTC.
In further positive developments, Solana Labs is launching a new incubator program to support newly launched Web3 startup companies. This program aims to assist startups in fundraising, accelerate their blockchain development with Labs’ expertise, and provide mentorship and insights from industry leaders.
SOL price surpasses $60 after May 2022
These favorable developments around SOL propelled its price above $60 for the first time since May 2022. Currently, as of writing, SOL is trading near $59.91, with a 0.94% negative 24-hour price change.
Despite the recent inflation report contributing to a subdued overall cryptocurrency market in the past few days, SOL has delivered an impressive return of over 125% to its holders in the last 28 days. Consequently, individuals and investors are expressing strong interest in SOL.