Solana surpasses Ethereum in performance despite 10% price decrease
Solana (SOL), currently ranked as the world’s fifth-largest cryptocurrency, has shown remarkable performance compared to Ethereum (ETH) in terms of price surge and trading volume over the past month. On August 1, 2024, a post by blockchain media outlet Wu Blockchain on X (formerly Twitter) revealed that Solana has outpaced Ethereum in monthly Decentralized Exchange (DEX) trading volume.
This recent achievement marks the first time since July 2024 that Solana’s monthly DEX trading volume reached $55.876 billion, surpassing Ethereum’s $53.86 billion. Not only has Solana excelled in DEX trading volume, but other blockchain networks such as Arbitrum, BSC, and Base have also demonstrated strong performance. According to DefiLama, these chains recorded monthly trading volumes of $24.569 billion, $17.888 billion, and $15.554 billion, respectively.
In addition to its DEX trading volume success, Solana has also outshined Ethereum in terms of price surge. Data from Coinmarketcap indicates that SOL has experienced a price surge exceeding 10% over the last 30 trading days, while ETH has seen a decline of over 10% during the same period.
As of the latest update, SOL is hovering around $161, with a 12% decline in the past 24 hours. Despite this significant drop, SOL’s trading volume has surged by 68%, indicating increased participation from investors and traders even in a bearish market.
Expert technical analysis suggests that SOL is currently at a critical support level of $161 and shows a bearish trend. Failure to sustain this level could potentially lead to a decline to $150, the next support level for SOL.
Despite the bearish outlook, SOL remains above the 200 Exponential Moving Average (EMA) on a daily timeframe, signaling a bullish sentiment on a higher timeframe. This resilience above the 200 EMA suggests ongoing strength in SOL’s market position.
In conclusion, Solana’s recent performance in both DEX trading volume and price surge has positioned it favorably against Ethereum, showcasing its growing influence and potential within the cryptocurrency market.
