- Solana outperforms other chains in scale.
- TVL was close to an all-time high.
Solana (SOL) showed overwhelming performance in terms of trading volume. Compared to other notable blockchains such as Binance Chain and Tron (TRX), it has recorded more transactions in the past 30 days.
This indicates a significant increase in activity and usage on the network. SUI is the only other network that shows a slightly significant trend.
Solana trading volume is on the rise
AMBCrypto’s investigation of Solana’s volume on DefiLlama shows that the volume has increased significantly over the past few months. Compared to previous years, the network size has grown significantly.
This indicates increased activity this year.
In March, trading volume surged to over $3 billion and then gradually declined, remaining at around $1 billion. At the time of this writing, it was worth nearly $1.5 billion.
Considering the recent surge in meme coins launched on the network, the notable increase in trading volume may not be surprising.
Will this affect Solana TVL?
Like volume, Solana Network’s Total Value Locked (TVL) has also seen significant growth this year.
As of May 22, TVL had surged to over $4.9 billion, the highest in history, according to DefiLlama chart analysis.
It has fallen slightly since reaching its peak, but is still close to record levels. As of this writing, TVL is approximately $4.86 billion, just a few million dollars below its all-time high.
Source: DefiLlama
TVL’s growth was supported by the launch of new assets from Solana Network. Additionally, the upward trend observed in SOL over the past few months has also contributed to the increase in TVL.
What are the trends in SOL?
AMBCrypto’s analysis of Solana’s price trends shows that it has experienced a downward trend in recent days. On May 27, a 4.15% gain was recorded, bringing the price up to around $170.
Read Solana (SOL) price prediction for 2024-25
However, despite this rise, SOL has had trouble recovering from previous declines. The analysis also highlighted the $180 area as a resistance level.
Source: TradingView
At the time of this writing, SOL is trading around $168, representing a minor gain compared to the previous trading session.