Solana News: DEX Volume Slumps to YTD Low, SOL Faces Significant Pressure

In a major blow to the Solana ecosystem, the total decentralized exchange (DEX) trading volume has hit a new year-to-date low, indicating a significant decline in network activity and demand for the SOL token. The value of SOL has also taken a steep dive, falling over 30% in the past month.

Solana DEX Volume Hits Year-To-Date Low, SOL Under Pressure

Solana’s total DEX trading volume sank to a new year-to-date (YTD) low, reflecting a decline in network activity and weakening demand for its native token SOL. SOL’s value has plummeted over 30% in the past month. According to on-chain data from Artemis, the network’s DEX activity surged to a yearly peak of $36 billion on January 10 but has since fallen to just $988 million, a 97% drop from its peak. This suggests waning interest from traders and liquidity providers.

$2200 Worth Of SOL in 2020 Becomes $1 Million

Solana (SOL) has experienced numerous price fluctuations in its 5-year history. The cryptocurrency’s price fell to below $10 after the collapse of FTX in November 2022 but has since hit multiple all-time highs. SOL was at its lowest in May 2020 and reached an all-time high of $293.31 on Jan. 19, 2023. An investment of $2200 worth of SOL at its lowest point would have grown to over $1 million at its peak, representing a 46,226.17% increase. However, SOL has faced a significant price correction over the last month, falling by 56.4% from its January highs.

Solana Celebrates 5th Anniversary with Record-Breaking Numbers

Solana is celebrating its fifth anniversary with over 400 billion transactions and nearly $1 trillion in total trading volume. The high-performance blockchain is known for its speed and low fees, attracting developers, investors, and projects worldwide. To mark the occasion, Solana shared its accomplishments, highlighting over 1,300 validators securing the network.

FalconX Executes First Block Trade for CME Solana Futures with StoneX

FalconX, a digital asset prime broker, has executed the first block trade for CME Group’s Solana futures with StoneX as the counterparty. The transaction was completed a day before the official launch of SOL futures on March 17. FalconX facilitated the trade to help institutional investors manage risk and price exposure on a regulated platform. This trade marks a significant step in providing liquidity and hedging opportunities for institutional clients.