Solana’s TVL (Total Value Locked) Increased by More than 40%
Amid recent market developments, Solana has gained traction within the crypto community once again. Its decentralized exchanges (DEXs) saw considerable growth in trading activity, now surpassing Binance’s BSC Chain. This growth has come as the markets have experienced a decent price rise, creating a bullish sentiment among investors for the SOL token, which has seen impressive growth of more than 100% since last month.
Solana’s TVL (Total Value Locked) was about $409 million at the start of November, surging to more than $600 million within a matter of weeks. While this trend has seen a slight correction, there is still considerable movement of funds within the ecosystem. Solana’s DEX platforms also saw an incredible 54% surge in trading volume in just one week, pushing them past the $3 billion mark, which is recorded as its current all-time high.
The DEXs that saw a surge in the trading volume include Solana’s top options like Raydium and Orca, which reported growth exceeding 70%. The community considers this achievement an impressive feat given the current market conditions.
Will This Affect the Price of Solana?
The sale of the now-defunct FTX exchange’s SOL tokens is something that many expected would put a major dent in the prices of Solana. However, since the 55.7 million tokens were earmarked for sale last month, the value and demand for SOL seem to have been growing, contrary to many expectations.
The crypto market, in general, has seen a decent price increase over the last few days, and Solana has followed suit. Currently priced within the $57 range, the token is anticipated to experience further growth before correcting itself to a slightly lower level. However, given that this growth wasn’t fueled by hype or major news concerning the project’s development, it is also likely that SOL would maintain the current price level and exhibit more growth in the upcoming couple of months.
### News source: zycrypto.com