• $SOL is just 6% away from it’s all-time high as momentum builds.
• Solana’s monthly DEX volume hit a record $70 billion, signaling rising adoption.
• Analysts focus on $SOL’s price action amid surging on-chain activity and demand.

The tokenistic currency $SOL is getting ever closer to a new high for itself, as the token reached 94% of its new all-time high. Latest stats reveal that there has been massive traffic uptick on-chain; the above information strengthens Solana’s place among the best blockchain networks of this season. Its adjustment figure has attracted market participants based on the growing trading volume of Fort DEX’s first-line decentralized exchange (DEX) that hit $70 billion for the first time in a month.

Exceptional on-chain performance.

It is clear that the main indicators of the blockchain’s activity indicate the continuous growth in the demand for network services provided by this system. The decentralized exchanges of Solana witnessed $70 billion in trade volume in the last one month proving itself to be an essential player in the decentralized finance space. There is increased activity by institutional investors, combined with increased trading on DEXs by retail investors as well.

According to analysts, Solana’s fast transactions and low charges are considered as the significant reasons behind the adoption of the network. These features have made it a popular spot for the traders and developers .

$SOL Price Momentum with a Broader Look at it Ecosystem

On price front, $SOL is highly bullish as it is buoyed by increased user demand and popularity of the coin in the market. Further, market analysts are closely observing major technical resistance levels as it reaches near the ATH. A breakout beyond the current threshold could be a start of another phase in the price discovery process of the token.

However, traders retain a certain degree of wariness about many sources of negative signals. Big picture movement relating to macro and changing trends in overall crypto sentiment may affect the price of $SOL in the week ahead.

Apart from adding value via price and trading volume, the Solana ecosystem has grown steadily. More and more decentralized applications and projects are opting for the network to operate at optimized speed and capacity.

The post Solana Sees Unprecedented DEX Growth: Is a New ATH in Sight? appeared first on Crypto News Land.

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