Solana Sees Increasing DEX and NFT Volumes, but TVL Remains Lackluster

• According to recent data, Solana has experienced a notable surge in weekly Decentralized Exchange (DEX) volume.
• A graph by Santiment indicates a significant increase in USD volume for NFTs in recent weeks.
• Data shows that Solana’s Total Value Locked (TVL) experienced a decline in November 2022 and has since remained stagnant.

Current data from Solana reveals a substantial increase in DEX volumes and growing interest in NFT trading. However, Solana’s TVL values continue to remain low.

Growing Transaction Volumes in Solana DEX

Solana has recently garnered attention with a significant surge in transaction volumes, as indicated by the latest weekly ranking from DeFiLlama. While this achievement is commendable, there is more exciting news to share: the NFT sales sector is also experiencing positive developments.

According to recent data, Solana has experienced a notable surge in weekly Decentralized Exchange (DEX) volume. The DeFiLlama graph shows Solana securing the sixth position, but what stands out is the incredible 84% increase.

At the time of writing, Solana’s accumulated volume was over $57 billion. Furthermore, the 24-hour transaction volume on the network had surpassed $43 million.

Positive Signals from NFT Trading Volume in Solana

In addition to the above data, a graph by Santiment demonstrates a significant increase in USD volume for NFTs in recent weeks. According to the graph, the volume ranged between $15 million and $17 million towards the end of the previous month.

Despite experiencing some decline in the past few days, the value remained at considerably higher levels compared to most of the previous year. At the time of writing, the USD transaction volume for NFTs had reached nearly $3 million.

Lackluster TVL Performance in Solana

Solana’s performance in terms of Total Value Locked (TVL) has been lackluster, as depicted in the graph. According to the data, Solana’s TVL experienced a decline in November 2022 and has since remained stagnant. At the time of writing, TVL was approximately $270.5 million, and there are no clear signs of a significant upward trend in the near future.

When examining Solana more closely on the daily timeframe chart, we can see that it is trying to overcome previous hurdles and make a recovery effort. At the time of writing, SOL was trading at around $18.80, showing a decrease of over 1%.