Solana Surges: Over 70% DEX Volume Increase and Positive NFT Trade Developments

• Solana has seen a surge in DEX volume and positive NFT trade developments, while its Total Value Locked (TVL) remains under scrutiny.
• DefiLlama’s weekly ranking reveals an impressive 74% increase in Solana’s cumulative DEX volume, while Santiment’s chart shows a recent upswing in the USD volume of NFTs.
• Despite the success, Solana’s TVL has remained stagnant since November 2022 and stands at approximately $271.6 million.

Solana’s Rise in Trading Volume

Solana has been riding high on success with a surge in its Decentralized Exchange (DEX) trading volume and positive developments in the Non-Fungible Token (NFT) sector. According to DefiLlama’s latest weekly rankings, Solana’s cumulative DEX trading volume spiked by over 70%. At press time, the 24-hour traded volume was nearly $38 million.

Positive Development for NFT Trade Volume

Santiment’s chart revealed a notable upswing in the USD trade volume of NFTs recently ranging between $15 million to $17 million towards the end of June. Although it experienced a decline lately, its value is still higher than most of last year. The USD trade volume for NFTs currently stands at nearly $3 million.

Total Value Locked Under Scrutiny

Despite this success, Total Value Locked (TVL) within Solana remains under scrutiny as it has not experienced any significant upward trend since November 2022 when it declined sharply. The current TVL for Solana is around $271.6 million with no signs of improvement on the horizon yet.

Realistic or Not: SOL Market Cap In BTC Terms

A closer look at Solana [SOL] on daily timeframe charts reveals its efforts to rebound from its previous low levels and restore momentum to its bull run that saw SOL trading around only $19 per coin at press time. However, whether this rebound will be enough to influence market capitalization significantly remains uncertain as there are many variables to consider before formulating predictions about future performance based on current data alone.


In conclusion, although Solana experiences considerable success with regards to DEX trading volumes and NFT sales activity, total value locked within the protocol remains stagnant due to various factors such as market sentiments and other external influences that can affect price performance significantly over time making predicting long term performance difficult without ongoing analysis of changing trends and conditions over time