Solana’s trading volume rises
In recent times, the cryptocurrency Solana has maintained its trading activity within certain limits, seeing a positive shift in its Total Value Locked (TVL).
Lately, over the past day, there’s been a notable surge in SOL’s trading activity. This surge comes as Solana’s price seeks equilibrium following a series of fluctuations.
Insights from DeFiLlama show that Solana’s trading volume has been close to $2 billion in the past few days.
Remarkably, the trading volume of Solana has consistently surpassed the $1 billion mark earlier this month, occasionally exceeding $2 billion. Presently, the volume is about $1.6 billion.
The surge in trading activity can be largely attributed to the popularity of memecoins on Solana. The influx of memecoins has drawn significant interest and trading activity.
This increase in trading activity has corresponded with an uptick in Total Value Locked (TVL).
On 29th July, the platform's TVL reached a peak of more than $5.6 billion, the highest since its dip around October 2022.
According to the most recent figures, the TVL has slightly receded to approximately $5.5 billion. The maintained high level of TVL and trading activity indicates significant engagement and liquidity in the ecosystem.
Recent evaluations of Solana’s trading patterns on Santiment highlight a substantial rise in volume within the last day, with the SOL trading volume hitting above $3.2 billion.
Further affirming this ascent, data from CoinMarketCap indicated an 18% rise in volume during the same timeframe.
Yet, despite this spike in trading activity, price trend analysis portrays a market leaning towards sellers.
This suggests that the boost in volume is primarily driven by selling actions, possibly indicating profit-taking by traders or responses to market conditions fostering a bearish outlook.
A recent examination of Solana’s price movement on a daily scale suggests a possible shift in trend. Previously, SOL’s price was on a consistent rise, nearing the $186 mark last seen in May.
Nevertheless, a change occurred on 29th July, with the price experiencing a decline of over 1%, dropping from nearly $185 to about $182.
With the latest data, it continues to face downward trends, trading with a 1% decrease and falling to around $180.
