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Thursday, December 7, 2023

Solana (SOL) Accomplishes a Big Milestone as Interest Soars

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  • Solana surpasses Polygon in DEX volume, reaching $466M versus Polygon’s $171M, marking the fourth such instance in 2023 but often followed by a decline.
  • SOL’s value increased by 45% last week, exceeding $60 for the first time since May 2022, sparking heightened interest in the crypto market.
  • Demand for Solana grows among retail and institutional investors, with significant purchases through crypto exchanges and regulated Solana ETF funds, fueling optimistic future price predictions.

According to the on-chain data platform Artemis, Solana has flipped Polygon in terms of DEXs volume, overtaking the layer-2 by $305M vs. $235M.

Moreover, by November 11, Solana reached $466M in volume —widening the gap as Polygon barely reached $171M. It’s good to remember that these are levels not seen for Solana in recent years.

Source: Artemis

This is the fourth time Solana has overtaken Polygon this year in terms of DEX volume; however, the resurfacing seems to follow a steep decline each time, as we notice in the chart above. Time will tell if Solana can keep those levels up or follow the same pattern.

The rise in Solana’s DEXs volume comes after SOL experienced a 45% increase last week, taking the center of attention in the crypto space as it surpassed $60, a price not seen since May 2022.

Retail and Institutional Demand for Solana Soars

Despite SOL being well below its 2021 peak, its recent rallies have caught the attention of crypto traders and even institutions. This bullish sentiment has prompted analysts to weigh in and throw future price predictions for SOL, with some estimating $1,000 per coin for the next cycle.

Talking about TradFi demand, retail traders bought Solana for $60 in crypto exchanges last week, while institutional investors bought them for $125 each through regulated Solana ETF funds. As CryptoPotato reported, investors are willing to pay more than double for SOL through entities like Grayscale to acquire Solana from a regulated, custodial Solana ETF fund.

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