Solana hits the ATH of the last two years, while volumes on its decentralized exchanges exceed those on Ethereum

New records for Solana

Just in the last few hours we talked about how Bitcoin reached a new ATH and Ethereum exceeded 4 thousand dollars. But the first two cryptocurrencies are not the only ones to record new records or extraordinary performances.

In fact, Solana has also returned to above $150, as has not happened since January 2022. In the same way as ETH and BTC, a price correction followed for SOL upon reaching the milestone, but the token's structure remains fully bullish .

The historical ATH still remains far away (260 dollars in November 2021), but the trend gives hope that the asset can soon return to those levels. More or less what is happening for Ethereum, about 20% away from its ATH.

If it is true that BTC has a fundamental role in Solana's rally, it is also true that the growing volume on decentralized exchanges is driving the L1, in turn supported by the explosion of the memecoin trend in the ecosystem.

Unmatched volumes on Solana

The volume on Solana's dex, according to DeFiLlama, in the last 24 hours, stood at 2.7 billion dollars, a value even higher than that recorded on Ethereum (2.32 billion dollars in the same period of time). Low fees, evidently, continue to play a key role, and especially in this moment of “memecoin mania”.

The ecosystem's TVL, at the same time, reached $3.1 billion, doubling its value compared to 30 days ago (the highest level since May 2022). Ethereum reports a TVL of $56.6 billion, but the trend suggests that SOL may have a chance to compete with ETH.