Solana demonstrates recovery capabilities by surpassing the market downturn trend, rising 7% and attracting speculation about further growth.
Solana, known for its high-performance blockchain, has recently gained traction.
Thanks to the strong increase in DEX traffic with a daily volume of 2 billion USD, investors are increasingly confident in SOL.
Recently, Solana has shown its resilience despite the crypto market downturn, achieving a 7% increase while the overall crypto market is declining.
While leading cryptocurrencies like Bitcoin and Ethereum are experiencing a decrease, with the total crypto market dropping by 4.13%, SOL’s increase has caught the attention of investors.
The growth of SOL is accompanied by the increase in DEX volume on Solana. On Thursday, March 14, the daily trading volume reached 2.3 billion USD.
This growth is attributed to the popularity of DEXs on Solana such as Jupiter (JUP), Orca, Raydium, and Phoenix, with each exchange driving significant trading volume.
The launch and popularity of memecoins on the Solana network have also contributed to the increase in DEX volume and the expansion of the overall ecosystem.
Furthermore, the recent performance of memecoins based on Solana, such as Bonk (BONK) and dogwifhat (WIF), has played a crucial role in increasing Solana DEX volume. These memecoins have experienced significant growth, causing a shift in trading volume between Solana and Ethereum DEX at certain points.
