According to The Block’s data dashboard, transaction volume on the Solana blockchain increased significantly during the month of January.
trading volume brush
-6.34%
SPL tokens on the Solana blockchain surged to $951.9 billion during the month of January, with almost two days left in January. These gains represent a 30% increase in the network’s economic throughput from December’s $735.8 billion, a multi-month high at the time.
The growth in transaction activity on blockchain is well above levels seen throughout most of 2023 and 2022. For example, in September 2023, Solana network trading volume hit a low of $40 billion.
Solana price recovery
On Monday Sol rose again above the $100 level. The increase in trading activity on decentralized exchanges appears to be driven by the WEN token pair. According to data from Dune Analytics, the top five DEX trading slots over the past 24 hours consisted of the stablecoin-SOL, stablecoin-WEN, and SOL-WEN pairs.
Data shows that after stablecoins, the WEN and SOL pairs account for the majority of Solana-based DEX trading volume. Image: @ilemi, Dune Analytics.
This week, WEN was airdropped to users of Solana’s Jupiter decentralized exchange. The airdrop was also open to Solana Saga phone users and owners of certain Solana-based NFT projects.
Solana is up almost 8% in the last 24 hours. Image: Block.
Liquidation surges after Solana rises
According to The Block’s pricing page, Sol has been the best-performing major altcoin over the past 24 hours, with the token trading at $104.44 at 9:22 a.m. ET, up nearly 8% for the token.
SOL price volatility in the last 24 hours Short positions have been largely liquidated on centralized exchanges. About $9.9 million was liquidated due to volatility.The vast majority (nearly $8 million) are short sellers.
According to CoinGlass data, the overall cryptocurrency market saw more than $79 million worth of short positions liquidated in the last 24 hours, contributing to a total of $118 million in liquidations across various centralized exchanges.
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