According to on-chain data platform Artemis solanasurpassing Polygon in terms of DEX volume, passing tier-2 with $235 million versus $305 million.
Moreover, as of November 11, SOL reached a volume of $466 million. polygonIt only widened the gap by reaching 171 million dollars. It is worth noting that these are unprecedented levels for Solana in recent years.
Koinfinans.com As we reported, SOL surpassed Polygon in terms of DEX volume for the fourth time this year. However, as we see in the chart above, resurfacing seems to follow a steep decline each time. Time will tell whether Solana can maintain these levels or follow the same pattern.
The increase in Solana’s DEX volume comes as SOL experienced a 45% increase last week and surpassed $60, a price not seen since May 2022 crypto- It came after he became the center of attention in his field.
Retail and Institutional Demand Increases for Solana
Although SOL is well below its 2021 peak, its recent rallies have caught the attention of crypto traders and even institutions. This bullish sentiment has led analysts to come up with future price predictions for SOL, with some predicting $1,000 per coin for the next cycle.
Speaking of TradFi demand, retail traders bought Solana on crypto exchanges for $60 last week, while institutional investors bought them for $125 each through regulated Solana ETF funds. Additionally, investors are willing to pay more than double for SOL through entities like Grayscale to obtain SOL from a regulated, custodial Solana ETF fund.