Solana’s DEX trading volume rose to an all-time high in March.
Key momentum indicators show that demand for SOL continues to rise.
AMBCrypto pointed out through DefiLlama data that the decentralized exchange (DEX) within the Solana [SOL] network had a monthly trading volume of more than US$60 billion in March, setting a new record high.
This marks a 172% increase in DEX trading volume from the $22 billion recorded in February.
Solana’s DEX volume surge in March was due to the strong interest in meme coins on the network during that period.
The surge in memecoin activity has led to a rise in the prices of these assets. For example, meme assets such as Dogwifhat [WIF] have seen their value rise by 140% in the last month.
Newer tokens such as Book of Meme [BOME] have seen their prices rise 1,773% during the same period, according to CoinMarketCap.
As trading activity on the Solana DEX climbed over the 31-day period, total trading fees and resulting revenue rose to new highs.
AMBCrypto found that Solana received a total of $69 million in transaction fees in March. This is a 431% increase from the $13 million in network fees in February and a 360% increase so far this year.
Likewise, according to AMBCrypto’s analysis of Token Terminal data, revenue from fees totaled $35 million in March. This represents a 483% month-over-month (MoM) increase in Solana’s revenue.
The market continues to demand more SOL
The network’s native token, SOL, is trading at $185 at press time. According to CoinMarketCap, the altcoin has grown in value by 43% in the last month.
Extending the gains, an assessment of key momentum indicators on the 1-day chart shows rising demand for SOL.
For example, the token’s Accumulation/Distribution (A/D) line (which measures the flow of funds into or out of an asset over a specific time period) has been trending up along with its price over the past two weeks.
When an asset’s A/D line moves in the same direction as its price, it confirms the strength of the price trend. Therefore, when an asset’s price and its A/D line climb, it indicates that buying pressure is increasing.
Additionally, SOL’s Money Flow Index (MFI) and Relative Strength Index (RSI) are above the midline, confirming the market’s preference for accumulation over distribution of the token.
