NEW YORK – ‘s decentralized exchanges (DEXes), Orca and Raydium, have collectively surpassed a trading volume of $3 billion, setting a new record for the network. This trading milestone has contributed to a significant increase in Solana’s total value locked (TVL), which has risen by 42% since the start of November, reaching $584.56 million. The TVL surge comes even as the price of Solana’s native token, SOL, experienced a slight decline but managed to hold steady above the $60 mark.
The resilience of Solana is notable as it maintains an uptrend that began around October 15 from a baseline of $60. SOL reached highs of $68 and has remained above critical exponential moving averages (EMAs), with the 10-day EMA currently at $57.01. This performance places Solana in a robust third position in terms of weekly trading volume among blockchain networks, trailing behind ‘s $9.97 billion and Arbitrum’s $4.49 billion.
SOL’s stability is further underscored by the Fair Value Gap, which spans from $48.94 to $50.99 and acts as a potential support zone should the token’s price dip. This aligns with the short-term bullish outlook suggested by Solana’s sustained trading above significant EMA levels, indicating a strong market sentiment for the network and its associated DEXes.
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