- Solana surpassed Ethereum in terms of DEX volumes.
Price of SOL declined materially over the last few days.
As an analyst with extensive experience in the crypto market, I’ve been closely monitoring the performance of Solana (SOL) and Ethereum (ETH). Based on recent data, Solana has surpassed Ethereum in terms of DEX volumes, which is a significant indicator of real-world usage and network adoption.
As a crypto investor, I’ve seen Solana’s [SOL] growth this year be nothing short of impressive. The strong momentum Solana has gained has put it in the lead when it comes to DEX (Decentralized Exchange) trading volumes, surpassing Ethereum [ETH].
Solana DEX volumes on the rise
The amount represented by this DEX volume is the actual worth of cryptocurrencies exchanged between wallets on the Solana blockchain during trades on decentralized exchanges (DEXs). These exchanges facilitate transactions through liquidity pools and are all authenticated by Solana’s validators.
The amount of trading activity on this Decentralized Exchange (DEX) serves as a significant signifier of a blockchain network’s inherent worth. This figure represents real engagement within the network, rather than merely conjecture regarding the token’s price value.
According to trading volume on decentralized exchanges (DEX), Solana’s performance surpasses Ethereum at present. This indicator might indicate increasing usage and the possibility of further expansion for Solana.
Despite a surge in trading volumes for Decentralized Exchanges (DEXs) on the Solana network, the total network activity saw a substantial decrease of approximately 10.7% over the last month.
Additionally, there was a 20% decrease in the total number of code commits on the network, indicating a diminishing level of coding activity.
In contrast to the previous mention, Ethereum experienced expansion in two key areas. Specifically, there was a 2.2% increase in total active users on the network within the last month. Additionally, there was a notable uptick of 10% in code commits during this same timeframe.
As a researcher, I’d express it this way: At the current moment, Solana (SOL) is being traded at $126.47. However, over the past 24 hours, its value took a hit, dropping by 5.21%. This downward trend can be attributed to the recent market correction. Notably, since May 21st, SOL’s price has witnessed a significant decrease.
During this timeframe, the price of SOL displayed numerous prices that were successively lower than previous ones both as troughs and peaks, suggesting a downward trend.
The Relative Strength Index (RSI) for Solana (SOL) experienced a significant decrease in recent days. Currently, its RSI value is under the 40 threshold, signaling that SOL might have been oversold recently and could potentially bounce back shortly.
Read Ethereum’s [ETH] Price Prediction 2024-25
The Awesome Oscillator (AO) signal for Solana (SOL) has decreased, suggesting waning buying power and possibly growing selling power.
However, the volume at which SOL was trading had surged by a significant 212% in the last 24 hours.
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2024-06-24 20:39