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TL;DR

  • SOL’s Price Surge: Solana’s token, SOL, reached an 18-month high of almost $70, with its decentralized exchanges’ trading volume jumping by 34%, exceeding $3 billion.
  • Market Position: Solana has outperformed Binance Smart Chain and Polygon in weekly transaction volume, trailing only behind Ethereum and Arbitrum.
  • Future Price Speculations: Analysts are split on SOL’s future, with predictions of a potential rise to $1,000 and concerns of a correction due to high levels of FOMO.

Surpassing the $3 Billion Mark

Solana (SOL) keeps making the headlines in the crypto space. Recently, the token’s price surged to an 18-month high of almost $70, capturing much of the investors’ attention.

According to DefiLlama, the trading volume of Solana’s decentralized exchanges (DEXs) has also witnessed a substantial increase. It jumped by approximately 34% in the past week, exceeding the important milestone of $3 billion.

Ethereum and Arbitrum are the only two blockchain protocols that have seen larger weekly transaction volume, while Solana outpaced Binance Smart Chain and Polygon.

Solana DEX Trading Volume
Solana DEX Trading Volume, Source: DefiLlama

SOL Heading Towards a Crash or an Astronomical Rise?

Solana’s gains have given analysts the opportunity to speculate on its possible price trajectory in the future. The crypto trader who uses the X (Twitter) handle Jacob Canfield believes the asset could rise to the astonishing $1,000 during crypto’s next bull run cycle. 

On the other hand, the FOMO (“Fear of Missing Out”) effect surrounding Solana has reached a one-year high, suggesting a correction could be in the cards.

 

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