This Important Solana (SOL) Metric Hits an ATH: What About the Price?

2023-11-20 13:30:30

TL;DR

SOL’s Price Surge: Solana’s token, SOL, reached an 18-month high of almost $70, with its decentralized exchanges’ trading volume jumping by 34%, exceeding $3 billion.
Market Position: Solana has outperformed Binance Smart Chain and Polygon in weekly transaction volume, trailing only behind Ethereum and Arbitrum.
Future Price Speculations: Analysts are split on SOL’s future, with predictions of a potential rise to $1,000 and concerns of a correction due to high levels of FOMO.

Surpassing the $3 Billion Mark

Solana (SOL) keeps making the headlines in the crypto space. Recently, the token’s price surged to an 18-month high of almost $70, capturing much of the investors’ attention.

According to DefiLlama, the trading volume of Solana’s decentralized exchanges (DEXs) has also witnessed a substantial increase. It jumpedby approximately 34% in the past week, exceeding the important milestone of $3 billion.

Ethereum and Arbitrum are the only two blockchain protocols that have seen larger weekly transaction volume, while Solana outpaced Binance Smart Chain and Polygon.

Solana DEX Trading Volume, Source: DefiLlama## SOL Heading Towards a Crash or an Astronomical Rise?

Solana’s gains have given analysts the opportunity to speculate on its possible price trajectory in the future. The crypto trader who uses the X (Twitter) handle Jacob Canfieldbelievesthe asset could rise to the astonishing $1,000 during crypto’s next bull run cycle

On the other hand, the FOMO (“Fear of Missing Out”) effect surrounding Solana hasreacheda one-year high, suggesting a correction could be in the cards.

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