Solana Continues to Outperform Ethereum
Solana (SOL), the world’s fifth-largest cryptocurrency, has been surpassing Ethereum (ETH) in both price performance and trading volume recently. On August 1, 2024, blockchain media outlet Wu Blockchain shared that Solana has exceeded Ethereum in monthly Decentralized Exchange (DEX) trading volume.
Solana Leads in DEX Trading Volume
- For the first time since July 2024, Solana’s monthly DEX trading volume reached $55.876 billion, outpacing Ethereum’s $53.86 billion.
Other blockchain networks have also shown remarkable performance in terms of trading volume, with Arbitrum, BSC, and Base experiencing significant numbers in the past month.
- Arbitrum – $24.569 billion
- BSC – $17.888 billion
- Base – $15.554 billion
In addition to DEX trading volume, Solana has exhibited a strong price surge compared to Ethereum. SOL saw a surge of over 10% in the last 30 days while ETH faced a decline of more than 10%.
SOL Price Behavior Analysis
Currently trading around $161, SOL has witnessed a 12% decrease in the last 24 hours. Despite this drop, SOL’s trading volume spiked by 68%, indicating heightened investor and trader activity even in a bearish market.
Solana’s Future Price Projection
Expert technical analysis suggests that SOL is at a crucial support level of $161 and shows a bearish trend. If this level is not maintained, the next potential support level is at $150. However, SOL continues to trade above the 200 Exponential Moving Average (EMA) on a daily basis, indicating a bullish sentiment on a higher timeframe.
Hot Take: Solana’s Strong Performance against Ethereum
Despite some price fluctuations and market movements, Solana’s recent performance against Ethereum showcases its growing popularity and strength in the crypto space. Keep an eye on Solana as it continues to make waves in the cryptocurrency market.
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