Solana-Based DEXs Reached a Record with a Transaction Volume of 41 Billion Dollars

The Solana-bitcoin (SOL/BTC) ratio looks set to be one of the rare cases that exhibits a solid bullish price pattern, supported by impressive activity on the Solana blockchain.

The SOL/BTC rate rose over 1 percent last week and broke out of an increasingly narrow price range, referred to in technical analysis as a triangular consolidation.

The breakout shows that the bulls are finally willing to lead the price action after eight months. In other words, a sustained uptrend looks likely.

The moving average convergence/divergence (MACD) histogram, used to identify trend changes and strength, has crossed above zero, indicating a new uptrend in momentum.

Whether Solana will eventually replace Ethereum as the top smart contract blockchain remains a hot topic of debate. However, one thing is clear: Solana has proven itself as the first choice for retail investors looking to trade memecoin.

Solana-based decentralized exchanges (DEX) recorded cumulative trading volume of $41.6 billion in the seven days through November 17, according to data from Artemis. This figure represents a doubling of the levels recorded in the previous week.

Thus, the Solana blockchain alone achieved more volume than the $37.9 billion cumulative DEX activity of Ethereum, Base and BSC.

Additionally, Solana continues to struggle with its rivals in terms of free revenue despite offering relatively cheaper transaction fees to the Ethereum blockchain. For example, Solana-based decentralized exchange Raydium generates $72.83 million in fee revenue in seven days. According to DefiLlama, this figure is 8% more than the $67 million that Ethereum has achieved. The Bitcoin blockchain generates a fee income of $15 million in the same period.