Solana Surpasses Polygon in DEX Volume
Solana has overtaken Polygon in terms of decentralized exchange (DEX) volume, reaching $466M compared to Polygon’s $171M. This marks the fourth time this has happened in 2023, but it is often followed by a decline.
According to the on-chain data platform Artemis, Solana has flipped Polygon, overtaking the layer-2 by $305M vs. $235M. By November 11, Solana reached $466M in volume, widening the gap as Polygon barely reached $171M.
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. Time will tell if Solana can keep those levels up or follow the same pattern.
Solana’s Value Increases by 45%
SOL’s value increased by 45% last week, exceeding $60 for the first time since May 2022, sparking heightened interest in the crypto market.
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.
Retail traders bought Solana for $60 in crypto exchanges last week, while institutional investors bought them for $125 each through regulated Solana ETF funds. Investors are willing to pay more than double for SOL through entities like Grayscale to acquire Solana from a regulated, custodial Solana ETF fund.
Hot Take: The Future of Solana Looks Bright
The rise in demand for Solana from both retail and institutional investors signals a positive outlook for the cryptocurrency. With significant purchases through crypto exchanges and regulated ETF funds, there is optimism surrounding future price predictions for SOL. As it continues to surpass other cryptocurrencies in DEX volume and experiences significant value increases, Solana is poised for a promising future.
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