Solana (SOL) has managed to impress many investors by recording a price increase of over 500% since the beginning of the year. The protocol has set a new record with the highest daily trading volume.
According to data provided by crypto data intelligence platform Artemis, Solana’s daily trading volume reached 51.63 million, reaching a record level. This notable milestone emerged as a significant deviation from the general trend of this measure, which has remained around 20 million since the end of August this year at least.
Based on various fundamental news from the Solana protocol, buyers have been trying to consistently push the total trading volume beyond the 20 million level. One of these attempts was recorded on September 13 with approximately 18.58 million transactions. On October 23, a significant increase was recorded with a daily total trading volume of 19.93 million. With these transactions, Solana surpassed its competitors such as Ethereum (ETH), Polygon (MATIC), Aptos (APT), and Near Protocol (NEAR).
On November 23, Solana’s daily trading volume reached 21.1 million, Ethereum’s total trading volume was measured at 1.12 million, and Polygon’s at 7.87 million. According to Artemis, the total trading volume in other competing blockchains such as Aptos and Near Protocol was 302.83 thousand and 1.77 million, respectively.
While the market is experiencing a general consolidation, Solana stands out as one of the best-performing altcoins today. SOL is currently trading at $59.28 with a 2.93% increase in the past 24 hours. Additionally, the significant total trading volume recorded contributes to SOL being the 5th largest cryptocurrency in terms of trading volume, with a 6% increase in trading volume and $1.21 billion in trading volume.