Solana’s volume makes history. Will SOL follow suit?

Solana’s trading volume was over $1.5 billion as of December 16.
TVL has increased significantly over the past few weeks, reaching $1 billion.

Solana (SOL) has surpassed Ethereum (ETH) on key metrics for the first time in recent history. These developments highlighted recent positive trends observed in the network and its associated tokens.
Solana ranked first in volume.
According to DefiLlama’s analysis of volume indicators, Solana recorded the highest volume as of December 16th. This is a notable achievement considering the network size compared to Ethereum, which ranked second.
Solana recorded over $1.5 billion, and Ethereum recorded approximately $1.1 billion. Solana also had a positive weekly change rate of over 54% during that period.
Source: DefiLlama
However, according to the latest data, Ethereum has reclaimed the top spot with a trading volume of over $1.3 billion. Solana, on the other hand, ranked second with a trading volume of over $1 billion.
Notably, these two networks were the only ones with over $1 billion in trading volume at the time of this writing.
Solana Volume Analysis
A more in-depth look at Solana’s daily volume chart shows a consistent upward trend in recent weeks. This move marked the first sustained upward trend in daily trading volume on the network.
Since November, daily trading volume has consistently exceeded $300 million, with a notable increase in December. On December 15, Solana achieved its highest daily trading volume ever, surpassing $1.2 billion.
The second highest trading volume, at over $816 million, occurred around December 8.
This new trend in daily trading volume positions Solana as a strong contender for the highest trading volume. Additionally, Total Value Locked (TVL) has experienced a significant increase along with trading volume.
A closer analysis of TVL shows that it currently exceeds $1 billion as of latest data. This is a significant jump from the approximately $672 million observed earlier this month.
So, almost $400 million has been added in the last two weeks.

Read Solana (SOL) Price Prediction for 2023-24

SOL maintains bullish trend
In recent weeks, Solana has shown a surprising trend, recovering price levels not seen in over a year. Despite some difficulties over the past few days, it has consistently maintained the $70 price range.
As of this writing, the daily time frame chart showed a trading value of around $72. Additionally, the Relative Strength Index (RSI) shows that the bullish trend remains, with RSI exceeding 60 at the time of this writing.
Source: TradingView