Solana is having its most bullish<\/a> month on record, with major metrics from trading volume, to token price and total value locked, all trending up.<\/p>\n Decentralized exchanges on Solana<\/a> reached $5.1 billion in monthly volume for November, according to<\/a> DefiLlama, marching past its previous peak of $2.8 billion during November 2022. Weekly volumes also climbed to a new high of $2.1 billion, outperforming the same week last year by more than 33%.<\/p>\n Both previous highs occurred as FTX began to collapse, throwing the blockchain into what could have been an existential threat<\/a> as its main backer crashed, a risk it has\u2013seemingly\u2013 overcome.<\/p>\n Crypto users can begin to breathe a sigh of relief that interest seems to be slowly but surely returning to the market. If a protocol like Solana, which suffered a near death blow due to its entanglement with FTX, along multiple outages over the past years, can begin posting these numbers, leading the way for the broader digital asset industry, then good things might be around the corner. <\/p>\n To top it off, blue-chip assets are usually first movers, meaning Solana\u2019s encouraging November could eventually splash out into mid cap and smaller projects\u2013sparking a much-awaited departure from the protracted bear market.<\/p>\n The pickup in DEX volume, says Kunal Goel, senior research analyst for Messari is typically highly correlated with price for ecosystem projects.<\/p>\n \u201cThe relationship is even stronger,\u201d he told The Defiant, <\/em>when projects aren\u2019t listed on large centralized exchanges\u2013as is the case for many Solana projects.<\/p>\n Renewed<\/a> interest in DEX usage from users on Solana isn\u2019t isolated to the network, however. Since mid-September, decentralized exchanges have been trending upwards<\/a> across the crypto ecosystem. Over $26 billion was handled across these platforms, its highest since the beginning of March earlier this year.<\/p>\n Ethereum<\/a> leads the way for volume along all timeframes, handling $25.97 billion worth of trades through the month of November. Second place belonged to Arbitrum<\/a>, with $10.35 billion (less than half of the top chain), although on daily timeframes it was overtaken Wednesday morning by Solana.<\/p>\n Start for free<\/a><\/div>\n Alongside the positive outlook from DEX usage, Solana\u2019s native token is also gaining steam. Defying its tag as an unregistered security<\/a> by the U.S. Securities and Exchange Commission, SOL has also been trending upwards, hitting a yearly high last week of $65.42 on Nov. 16, as per Coingecko.<\/p>\n Recent price action took Solana to overtake two stalwarts of the top ten crypto assets in terms of market cap, Cardano<\/a> and USDC<\/a>, although the latter has reclaimed its place at number 6, one spot ahead of SOL.<\/p>\n Solana is also in up only mode across all of its network metrics. Total Value Locked has skyrocketed on Solana over the past month, jumping from $427 million on Nov. 1st, to $576 million as of today. Over the same time period, daily volume has also picked up steam, spiking from $241 million to $353 million as of yesterday.<\/p>\n That said, SOL has taken a hit over the past couple of days, changing hands today at $55.26\u2013perhaps due to the SEC\u2019s latest enforcement against<\/a> cryptocurrency exchange Kraken, a lawsuit that once again, labeled the token an unregistered security.<\/p>\n Fueling Solana\u2019s numbers could be the plethora of projects lining up to be launched in the upcoming months.<\/p>\n According to Goel, established and new DePIN (decentralized physical infrastructure) projects are setting their eyes on Solana. Namely, Goel said, Helium<\/a> and Render are finding the network \u201cfitting\u201d for their use-cases, also drawing the attention of newer projects such as Hivemapper and Nosana.<\/p>\n Adding to the mix is the much-awaited launch of Firedancer<\/a>, a new validator client that is touted to increase Solana\u2019s throughput to 1 million transactions per second. And last but not least, airdrops like PYTH<\/a>, which took place yesterday with a $75 million claim to over 38,000 users, are also expected to help the network attract more users and capital.<\/p>\nEcosystem Projects<\/h2>\n
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SOL Rallies<\/h2>\n
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Solana TVL Climbs<\/h2>\n
Project Pipeline<\/h2>\n
Fewer Outages<\/h2>\n