Solana Surpasses Ethereum in DEX Volume, Dominates Market
Solana outperforms Ethereum and BNB Chain in decentralized exchange (DEX) volume, securing 36% of the market and boosting SOL price predictions. Discover the factors driving Solana's rise.
Is Solana the new king of decentralized exchanges? Recently Solana has outperformed Ethereum and BNB Chain in DEX volume, capturing 36% of the market. According to DeFiLlama Solana’s DEX volume has surged to $2.24 billion, surpassing Ethereum’s $1.41 billion. BNB Chain's volume stands at $703.19 million.
What's driving this remarkable growth? A significant factor is the rise in meme coin trading on Solana's decentralized applications. Meme coins on Solana have outperformed those on other networks. This has increased demand for SOL and boosted user activity. Additionally, the utility of applications on the Solana network and staking activities have played crucial roles.
Solana’s total value locked (TVL) has been steadily increasing since July 3. It has now reached $5.29 billion. This marks a return to levels seen before the 2022 bear market. Indicating growing confidence in the Solana network. A rising TVL could positively impact SOL’s price if this trend continues.
Between July 18 and 21 SOL’s price saw a significant increase. It formed four consecutive green candlesticks and hit $185.21. This has created a double-rounding bottom pattern on the daily chart. Such patterns often signal the end of bearish trends. With the neckline at $180.30, SOL’s price might be set for a breakout.
Could SOL’s price surpass the $200 mark? If the bullish trend persists a 13.05% increase could see SOL reaching $204.33. In highly bullish conditions, it might even hit $210.11. However, if market enthusiasm wanes, SOL’s value could drop below $173.
Solana’s recent achievements in DEX volume and TVL growth underscore its growing significance. Reliability in the blockchain ecosystem is evident. With the potential for further gains, SOL remains a promising prospect for investors. Yet, market sentiment will be key in determining its future price movements.
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