- Solana’s DEX trading volume rose to a record high in March.
- Key momentum indicators showed demand for SOL continued to rise.
The monthly trading volume of decentralized exchanges (DEXs) within the Solana [SOL] network surpassed $60 billion in March and set a new high, AMBCrypto noted via DefiLlamas facts.
Source: DefiLlama
This marked a 172% spike from the $22 billion recorded in DEX volume in February.
The increase in trading volume on Solana’s DEXes in March was due to significant interest in meme coins on the network during that period.
This spike in meme coin activity led to a rise in the prices of these assets. For example, the values of meme items, such as Dogwifhat [WIF]is up 140% in the past month.
Newer tokens, such as Book of Meme [BOME]saw their prices rise by 1773% over the same period, per CoinMarketCaps facts.
As trading activity on Solana DEXes increased over the 31-day period, overall transaction fees and resulting revenues soared to new highs.
AMBCrypto found that transaction fees received by Solana totaled $69 million in March. This represented a 431% increase from the $13 million the network saw in fees in February, and 360% growth since the beginning of the year.
Similarly, AMBCrypto’s analysis of Token terminals According to data, revenue from March fees was $35 million. This represented a 483% month-on-month growth in Solana’s revenue.
Source: Token terminal
The market continues to demand more SOL
At the time of writing, the network’s native coin SOL was exchanging hands at $185. According to CoinMarketCap data, the altcoin’s value has grown 43% in the past month.
In an effort to extend gains, a review of key momentum indicators on a 1-day chart revealed an uptick in demand for SOL.
The coin’s accumulation/distribution (A/D) line – which measures the flow of money into or out of an asset over a specific period of time – has moved up in price over the past two weeks.
Read Solana’s [SOL] Price forecast 2024-2025
When an asset’s A/D line moves in the same direction as the price, it confirms the strength of the price movement. Therefore, when the price of an asset and its A/D line rise, it indicates that buying pressure is increasing.
Source: SOL/USDT on TradingView
SOL’s Money Flow Index (MFI) and Relative Strength Index (RSI) also remained above their midline, confirming the market’s preference for coin accumulation over distribution.