Solana Achieves Record-Breaking Performance This Month

The Rise of Solana in November

Solana is experiencing its most bullish month on record, with significant metrics such as trading volume, token price, and total value locked all showing upward trends.

Decentralized exchanges (DEX) on Solana reached an unprecedented $5.1 billion in monthly volume for November, surpassing its previous peak of $2.8 billion in November 2022. Weekly volumes also reached a new high of $2.1 billion, marking a 33% increase compared to the same week last year.

These achievements are notable considering the challenges Solana faced, including the collapse of FTX, its main backer, which could have posed an existential threat to the blockchain.

Crypto enthusiasts can find reassurance in the slow but steady return of interest to the market. Solana’s resilience, despite setbacks with FTX and multiple outages in recent years, suggests positive momentum for the broader digital asset industry.

  • Solana’s DEX volume for November: $5.1 billion
  • Weekly volume high: $2.1 billion
  • Weekly volume increase compared to last year: 33%

Ecosystem Projects on the Rise

Kunal Goel, senior research analyst for Messari, highlights the correlation between DEX volume and price for ecosystem projects, especially when projects are not listed on large centralized exchanges, as is often the case for many Solana projects.

Interest in DEX usage on Solana aligns with a broader trend seen across the crypto ecosystem since mid-September, with decentralized exchanges handling over $26 billion, the highest since March of the same year.

Ethereum leads in volume across all timeframes, handling $25.97 billion in November, while Solana surpassed Arbitrum in daily timeframes.

  • Total DEX volume across the crypto ecosystem: $26 billion
  • Ethereum’s November volume: $25.97 billion
  • Solana’s daily volume surpassing Arbitrum

SOL Token Performance

Despite being labeled an unregistered security by the U.S. Securities and Exchange Commission, SOL, Solana’s native token, has been trending upward, reaching a yearly high of $65.42 on November 16.

Recent price action propelled SOL to surpass Cardano and USDC in market cap, showcasing the token’s resilience and positive market sentiment.

  • SOL’s yearly high: $65.42
  • SOL’s current value: $55.26

Solana’s Total Value Locked (TVL) and Project Pipeline

Solana is experiencing growth across all network metrics, with Total Value Locked (TVL) soaring from $427 million on November 1st to $576 million currently. Daily volume has also increased from $241 million to $353 million.

The network’s positive outlook is further fueled by upcoming projects, including established and new decentralized physical infrastructure (DePIN) projects such as Helium, Render, Hivemapper, Nosana, and the anticipated launch of Firedancer, a validator client aiming to increase Solana’s throughput to 1 million transactions per second.

Airdrops like PYTH are expected to attract more users and capital to the network.

  • Solana’s TVL on November 1st: $427 million
  • Solana’s current TVL: $576 million
  • Daily volume increase: $241 million to $353 million

Enhancements and Fewer Outages

Solana’s network has undergone significant upgrades, resulting in fewer outages (none in Q2 and Q3), contributing to increased bullishness within the community. Technical changes and the imminent arrival of Firedancer are expected to provide more resiliency, improved uptime, and a better-established blockchain as the bull market gains momentum.

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