As a seasoned researcher with years of experience in the dynamic world of blockchain and cryptocurrencies, I find myself intrigued by the recent surge of Solana (SOL). Breaking the $100 billion mark in DEX trading volume for the second consecutive month is not just impressive, but downright remarkable.
For the second month in a row, Solana, a leading Layer 1 blockchain network, surpassed a significant milestone, sparking interest within the digital asset sector. The total trading volume on its decentralized exchange (DEX) exceeded $100 billion once more. At the same time, the price of the native token of this protocol, SOL, showed a bullish trend over the past 24 hours. In the same period, the volatility of SOL was 6.4%, while its market capitalization stood at approximately $94.31 billion and its trading volume within that timeframe amounted to $4.95 billion.
As a researcher, I’ve been analyzing the latest data from DefiLlama, and I discovered some intriguing trends in the decentralized exchange (DEX) trading volume among popular blockchain networks. In December, Solana astonishingly recorded an impressive $100.782 billion in DEX trading volume, significantly outpacing Ethereum which stood at approximately $77 billion. Interestingly, Binance Smart Chain (BSC), Avalanche (AVAX), and Arbitrum followed closely with volumes of $44.5 billion, $41.33 billion, and $30.39 billion respectively. To add to this, Solana (SOL) and Ethereum (ETH) held the 1st and 2nd positions in terms of market capitalization, with SOL at $35.10 billion and ETH at $422.48 billion. In the past 24 hours, both SOL and ETH exhibited a volatility of 5.2% each. Furthermore, Solana’s total volume in the last 24 hours was $27.71 billion, while Ethereum’s was $27.69 billion. This data reveals that these five blockchains dominated the DEX trading landscape in December.
In October and November, the trading volume for decentralized exchanges (DEX) on Solana reached an impressive $52.49 billion and $129 billion, respectively. Interestingly, Solana has been leading the pack of networks with the highest DEX trading volumes over the past three months, surpassing Ethereum’s numbers. In October and November, Ethereum recorded DEX trading volumes of $41.4 billion and $70.6 billion, respectively.
As a researcher delving into blockchain data, I can affirm that, over the past 24 hours, Solana boasted an impressive number of active addresses (approximately 4.29 million), far surpassing its competitor Ethereum (around 475,000). However, it’s important to note that Ethereum continues to lead in terms of Total Value Locked (TVL), with a staggering $68.516 billion compared to Solana’s relatively smaller TVL of $8.471 billion.
From my perspective as an analyst, it’s crucial to highlight that the surge in DEX trading volume on the Solana network challenges the widespread assumption that SOL’s popularity is solely due to the proliferation of meme coins following Pump.fun’s debut. Contrary to this notion, data from CoinGecko reveals a staggering market cap of $16.22 billion for these meme coins on Solana, with an impressive $3.5 billion in trades over the past day.
SOL Skyrockets
SOL rebounded from a daily low of $184 and surged to a daily high of $198.70. At the time of writing, the altcoin is trading at $197.69 as the bulls and the bears fight for dominance. The $200 price level is a crucial zone for SOL. With the skyrocketing DEX volume on Solana, it is possible that the altcoin might reclaim $200.
Over the past week, the SOL token has decreased by 12.11%. In addition, it has dropped by 19.73% in the last thirty days. Notably, the cryptocurrency is currently selling at a 25.32% reduction compared to its all-time high of $263.83, which was reached about a month ago.
Source: TradingView
- As seen in the image above, the Solana weekly chart is on the verge of a bearish divergence, with the signal line (red) breaking above the MACD line (blue). This is a bearish indication, and if SOL does not reclaim $200 and move towards $210, the MACD histogram might turn red with SOL retesting $160 if bears take over.
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2024-12-24 21:16