Solana volume saw a surge and so did its Total Value Locked (TVL), as activities of memcoins ramp up on the network.
Over the last few days, Solana has seen consistent trading volume and a positive response in Total Value Locked , peaking at $5.6 billion.More recently, in the last 24 hours, there has been a significant increase in SOL’s trading volume. This uptick coincides with the price of Solana attempting to stabilize after fluctuations.Notably, Solana’s trading volume began to breach the $1 billion threshold earlier this month consistently and, at several junctures, even surpassed $2 billion.
A contributing factor to this surge in volume has been the rise of memecoins on the Solana platform. The rise of these memecoins has attracted significant trader attention and activity.On 29th July, the TVL of the platform peaked at over $5.6 billion, marking the highest level since its decline around October 2022.
As of the latest data, the TVL has slightly adjusted to around $5.5 billion. This sustained high level of TVL, and trading volume underscores high engagement and liquidity within the ecosystem.trading activity on Santiment indicates a significant increase in volume over the last 24 hours. As of this writing, the SOL trading volume was over $3.2 billion.However, despite the heightened trading activity, the price trend analysis suggests that the market is currently seller-dominated.
This implies that the increased volume largely stems from selling pressure, which could indicate traders taking profits or reacting to specific market conditions that have prompted a bearish sentiment.price on a daily timeframe indicates a potential trend reversal. Previously, SOL’s price had been on a steady upward trajectory, approaching the $186 price point it last reached in May.
As of the latest data, it continued to face downward pressure, trading with a 1% decline and dropping to around $180.Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.Subscribe to get it daily in your inbox.
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