Try Quests to earn cryptoSOL Swaps on Jupiter
Jupiter is the best swap aggregator on Solana, meaning that it optimizes the best token swap rate across all decentralized exchanges for users.
In this article, we want to examine the volume of $ SOL token swaps in Jupiter.
What is the volume of $ SOL swaps since the beginning of 2022? Is this swap volume related to the $SOL token price or the crypto market conditions?
To answer these questions, we must consider a few points.
$SOL Token Prices:
The price of a token has a great effect on the volume of its swaps. Or the volume of swaps affects the price.
For example, if the volume of swaps from other tokens to the $SOL token increases, the token price will increase. And if the volume of swaps from the $SOL to other tokens increases , the token price will decrease.
Crypto market conditions:
Certainly market conditions have a great impact on the volume of swaps of a token. Or all the tokens. Whatever the market conditions are towards a reduction in prices or a fall in prices. The volume of swaps increases.
chart below shows $SOL price in hourly timeframe . as you can see ,
The price dropped from $ 124 on January 21 to $ 82 on January 24.
In the following, we will examine the volume of $ SOL swaps on this date. And we see if there is a relationship between price and volume.
Chart Below Shows Daily amount of $SOL Swapped to other tokens in Jupiter platform.
In the previous chart, we noticed that on January 24th, the $SOL token fell sharply to $82. In the chart below, you can clearly see that the volume of $SOL token swaps has increased significantly.
On this date, users tried to swap the SOL token to which token?
In the next chart, we get the answer to this question.
Chart below shows amount of $SOL swapped to other assets ,
USDC is a most used asset to escape the losses and collapse of the crypto market on Jupiter .
So what about swaps to SOL from other assets?
chart below shows amount of SOL has added from swaps using Jupiter per day,
As you can see in the chart, the $SOL token fluctuated sharply during the days. The volume of swaps has also increased.
And again, the largest volume belongs to the USDC. A token that is a stable coin and is the best way to swap. Because there is no price volatility.
Looking at the donut chart below, we find that more than 45% of the swap volume belonged to the USDC.
Since the beginning of 2022, the price of the $SOL token has dropped sharply. And on some days there have been sharp price fluctuations. Due to the falling conditions of the crypto market in the new year.
Looking at the charts, we realized that these price fluctuations were closely related to the volume of swaps. In the days when the price of SOL tokens dropped a lot, the volume of swaps was higher.
The most used tokens in these swaps have been USDC.
USDC is the most widely used token on Jupiter. Most users have used this token to escape the sharp price drops of the crypto market or to buy SOL tokens at a low price.