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The JPY is the strongest and the CAD is the weakest as the NA session beginsThe JPY is the strongest and the CAD is the weakest as the NA session begins
Solana has recorded a massive surge in trading volume on two decentralized exchanges, Raydium and Orca, in the last seven days. According to data, this dramatic surge birthed a 42% increase in SOL’s Total Value Locked (TVL).

SOL’s price also reacted to this increased interest, scoring notable gains in the last week and rising above $60 to a high of $67.69 on November 15. 

Solana’s DEX Volume Spikes 54% in a Week.

Data from DeFiLlama showed a 54% increase in Solana’s trading volume on decentralized exchanges (DEX). According to the data, the total trading volume surpassed $3.01 billion, a new high in the SOL ecosystem. 

SOL trading volume on the two top decentralized exchanges, Orca and Raydium, increased 45.7% and 47.79%, respectively, totaling 95.49% in one week. More so, Orca’s utility token reacted to this massive spike in trading volume, surging nearly 20%.

Following this development, SOL TVL spiked 42% from $409.68 million on November 1 to $584.56 million on Monday, November 20. This development secured Solana among the top three chains in weekly transaction volume, after Ethereum ($9.97 billion) and Arbitrum ($4.49 billion).

SOL Soars Amid Spike In Ecosystem Activity

Apart from the notable 7-day increase in trading volume, Solana has performed remarkably well in the last 30 days. SOL has recorded an impressive 125% 30-day price gain. 

Amid this frenzy, prominent crypto investor and Ark Invest CEO Cathie Wood expressed optimism about Solana’s potential growth. During a November 15 CNBC interview, she praised the Solana Blockchain for its speed and efficiency. As a result of Wood’s bullish sentiment, SOL price soared even higher, scoring 20% within a day. 

However, although SOL capitalized on these positive changes to soar above $60, its rally has stalled. After an erratic price surge to $67.69 on November 15, SOL’s price dipped to $55 on November 17. 

Its price now stands at $60.66, with a 24-hour price increase of 1.49%. But despite the minor price gains in the last 24 hours, SOL retains over 5% of its past week’s gains. 

Solana Price Outlook

The chart below shows that Solana (SOL) has broken out from a bearish trendline and has formed a new one. After trading between the $18 and $20 ranges for several weeks, SOL broke through a critical resistance at $23 in mid-October. And since then, the token has been unstoppable.

SOL chart
Source: TradingView.com

SOL continued soaring, breaking another significant resistance at the $42 price level and exceeding $60 on November 15. Although the bears have fought to suppress SOL’s strides, the token is still significantly above two simple moving averages ($24.59 and $36.25). 

So even though the asset has dropped in price, there’s a support level at the $58 price level that could prevent further decline.

Featured image from Pixabay and chart from TradingView.com

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