TL;DR
Solana (SOL) keeps making the headlines in the crypto space. Recently, the token’s price surged to an 18-month high of almost $70, capturing much of the investors’ attention.
According to DefiLlama, the trading volume of Solana’s decentralized exchanges (DEXs) has also witnessed a substantial increase. It jumped by approximately 34% in the past week, exceeding the important milestone of $3 billion.
Ethereum and Arbitrum are the only two blockchain protocols that have seen larger weekly transaction volume, while Solana outpaced Binance Smart Chain and Polygon.
Solana’s gains have given analysts the opportunity to speculate on its possible price trajectory in the future. The crypto trader who uses the X (Twitter) handle Jacob Canfield believes the asset could rise to the astonishing $1,000 during crypto’s next bull run cycle.
On the other hand, the FOMO (“Fear of Missing Out”) effect surrounding Solana has reached a one-year high, suggesting a correction could be in the cards.