Solana Trading Volume Surpasses $41.6 Billion Amid Bullish Momentum
Solana #SOL shows potential to surpass Bitcoin #BTC as the leading digital asset in the Web3 ecosystem. The Solana-Bitcoin (SOL/BTC) ratio reflects a bullish trend for SOL, which has increased by over 3% in 24 hours to $244.85 and more than 16.99% over the past week, intensifying competition with top rivals.
Solana DEXs Achieve Record-Breaking Volume
In the last week, the SOL/BTC ratio rose by 1%, exiting a narrowing price range known as triangular consolidation. This breakout suggests bullish sentiment, indicating that bulls are positioned to lead price movements following an eight-month stalemate between buyers and sellers.
The Moving Average Convergence Divergence (MACD) histogram has crossed zero, confirming the bullish momentum shift. Recent trading volume data further supports this positive outlook for SOL.
Retail investors are increasingly drawn to Solana for memecoin trading, contributing to a significant rise in decentralized exchanges (DEX) on the platform. As of November 17, cumulative trading volume surpassed $41.6 billion, doubling from the previous week.
Performance-wise, Solana's blockchain outpaced the combined DEX activity of Base Network, Binance Smart Chain, and Ethereum, which totaled $37.9 billion, with Ethereum alone accounting for $14.3 billion and both Base and BSC at $11 billion each.
Catalysts behind Solana’s Surge
Despite lower fees compared to Ethereum, Solana excels in revenue generation. Raydium, a Solana-based DEX, generated over $72.83 million in fees in the past week, exceeding Ethereum's $67 million, as reported by DeFiLlama.
Other protocols, like Jito, a liquid staking protocol, also performed well, ranking third with $7.89 million in daily fees. Observers note that if Solana maintains its current momentum, it could rival Bitcoin's performance. During the same timeframe, Bitcoin earned approximately $15 million in fees, while Pump.fun recorded $1.65 million and Photon generated $2.36 million.
Several factors may have contributed to Solana DEX's impressive gains, including the launch of Litecoin Mascot (LESTER), a new memecoin that reached a market capitalization of $120 million within 48 hours of its debut after being listed on multiple crypto exchanges, boosting its visibility in the crypto community.