Crypto: Solana's surge is in full swing with record volumes on DEX

Solana (SOL) continues its upward trajectory, approaching the $150 mark. Crypto analysts anticipate a significant increase, with some even aiming for above $200, while the network experiences an explosive growth in transaction volume on decentralized exchanges (DEXs).

The Rapid Rise in SOL’s Price

Solana (SOL) has seen a notable rise in recent days, gaining an additional 5% in the past 24 hours to reach $145. The psychological threshold of $150, last seen in January 2022, is generating excitement within the crypto community.

However, Santiment analysts note an atypical lack of enthusiasm of the fear of missing out (FOMO), which could potentially slow down this ascent.

Nonetheless, many market observers are predicting a strong rise in SOL’s price, with some even forecasting it to surpass $200.

This surge is supported by the intense trading activity of Solana blockchain-based Memecoins like Dogwifhat (WIF), as well as increased interest from major investors following Pantera Capital’s announcement of plans to massively acquire SOL assets from the bankrupt exchange FTX.

While the current price remains 43% below its all-time high of $259 set in November 2021, seasoned analyst Altcoin Sherpa remains optimistic. He suggests that SOL could not only surpass its previous peak but also reach new records during this market cycle, although he considers it unlikely for the price to hit $1,000.

Record Volumes on DEXs Propel SOL Cryptocurrency

Alongside the price rise, the Solana DeFi ecosystem is experiencing massive growth. According to DeFiLlama, the daily trading volume on Solana’s decentralized exchanges has repeatedly surpassed the $2 billion mark in early March, peaking at $2.85 billion on March 5th. This more than 150% increase in a week has attracted about $15 billion.

Currently, Solana holds a 28.5% market share of the total DEX volume, just behind Ethereum at 36.1%. A year ago, Solana accounted for only 1.1%, in contrast to Ethereum’s 50 to 70%. This shift highlights Solana’s rapid growth trajectory in the DeFi ecosystem, positioning itself as a serious competitor to Ethereum despite its recurring network issues.

The main DEXs on Solana are Orca with $847 million traded in 24 hours, followed by Raydium ($595M) and Phoenix ($288M).

In summary, the recent surge in SOL’s price, supported by record trading volumes on the DEXs, is indicative of the positive momentum of this rapidly expanding ecosystem. Despite occasional technical challenges, Solana is positioning as a serious contender in the DeFi space and is drawing the attention of institutional investors. If efforts to enhance network stability are successful, Solana could well continue its upward trend and attain new heights in the coming months.