A price surge might be around the corner for Solana after its weekly trading volume across decentralized exchanges reached an all-time high of $11.18 billion, surpassing its previous high of $9.89 billion, recorded in December 2023.
Solana has also flipped Ethereum’s 24-hour trading volume, with $2.013 billion worth of SOL traded across DEX compared to Ethereum’s $1.827 billion. The last time this happened, SOL moved from $86 to $93 in 24 hours.
Memecoin Spurs Volume Tick
The surge in volume on the Solana network may have been spurred by investors’ increased appetite for memecoins. In the past week, meme tokens like Dohwifhat and BONK, all based in Solana, rose significantly following a second memecoin rally.
In the past seven days, Dogwifhat (WIF) and BONK surged 314% and 222%, respectively, as the broader meme sector saw an all-round rally. The increase in trading volumes of these memecoins pushed Solana’s volume to ATH.
Incoming Surge?
An increase in volume usually correlates with a price uptick; hence, SOL might see a rally in the coming days. Notably, increased network activity in the Solana network late last year saw the coin move over 200%.
Solana’s recent outage might have lightened bullish sentiments, but Bitcoin’s continued push could rub off on the entire crypto market, including the “Ethereum killer.” At press time, SOL is trading at $132, with a market cap of $59 billion.
