Solana Starts New Year With Double-Digit Bounce

Solana DEX Activity up in Past Week

There still appears to be life in Solana, after all, as the beleaguered blockchain posted a soaring increase in Decentralized Exchange (DEX) activity in the past week and its SOL coin rebounded by 12% in the New Year.

According to DefiLlama, DEX volume on Solana has increased by nearly 90% in the past seven days, to nearly $200 million. At the same time, DEX volume on almost all other major chains declined significantly; for example, Avalanche volume decreased by 55%. (Ethereum and BNB Chain were the most stable, with a 3% and 7% decline, respectively.)

Meanwhile, the value of $SOL increased by 12% in the past 24 hours to $11.10, according to CoinGecko. That’s the best price performance among all coins in the top 40 according to market capitalization.

Solana has taken a beating as a result of the collapse of Sam Bankman-Fried’s FTX empire and the departure of several key projects. But toward the end of the year, Solana got some much-needed support from mega-crypto influencer Vitalik Buterin, the co-founder of Ethereum.

Is the recent increase in $SOL’s value a dead cat bounce or the first step in a major recovery? We’ll see.

What is Solana:

Solana is a public, open-source blockchain that allows for smart contracts, non-fungible tokens (NFTs), and various decentralized applications (dApps). The SOL token, which is native to Solana's blockchain, provides network security through staking as well as a means of transferring value.

Learn more about Solana:

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