Solana Holds Top Spot in DEX Trading Volume Rankings amid Hayes Projection

Solana (SOL) has surpassed Ethereum (ETH) in 24-hour DEX volume. This development coincides with the prediction from BitMEX co-founder Arthur Hayes, who foresees a rally in Solana following the crisis in New York Community Bank (NYCB).

Deep Dive on Solana’s Meteoric Price Trajectory

As reported by DefiLlama, SOL seized the spotlight by outpacing ETH in the 24-hour decentralized exchange (DEX) volume.

Solana is still the number 1 ecosystem by DEX volume📈

— Crypto Crib (@Crypto_Crib_) February 2, 2024

The rivalry between Solana and Ethereum, both vying to attract traders and investors, has been a longstanding narrative. Solana’s standout performance includes a remarkable 15.34% surge in weekly volume, while Ethereum faced a 12.44% dip. Despite the recent growth, Solana’s weekly volume is behind Ethereum’s 7-day DEX volume, with $5.518 billion compared to Ethereum’s $7.971 billion.

However, the daily volume tells a different story. Solana’s daily DEX volume was $1.461B, edging ahead of Ethereum’s $ 1.443 B. At press time, Solana’s DEX volume stood at $1.14B.

This development underscores the dynamic nature of the DeFi landscape, where shifts in market dynamics and user preferences can swiftly alter the competitive landscape.

Solana DEX Volume Can Record More Highs

As these platforms continue to evolve, the battle for dominance in decentralized exchanges remains a captivating saga. However, Hayes believes the crisis at NYCB – which reported a 40% loan loss, could open up a window of opportunity for a potential price rally in SOL.

I think it might be time to get back on the train fam. Maybe after a few US banks bite the dust this weekend.

— Arthur Hayes (@CryptoHayes) February 1, 2024

NYCB stock has been tumbling following reported issues in its commercial real estate portfolio.  The bank’s shares recorded a 37.67% decline on Wednesday, settling at $6.47. It lost another 11.1% yesterday, closing at $5.75 per share. While after-hours trading exhibited a modest 3% rebound, persistent headwinds indicate enduring challenges faced by numerous banks.

The current resurgence of bearish sentiment raises concerns, potentially unleashing a financial downtrend that could significantly impact the New York economy. As legacy financial institutions grapple with market uncertainties, strategic decisions become increasingly crucial.

As reported by Coinspeaker, Hayes speculates that the Federal Reserve will likely inject liquidity into the financial sector to counter challenges. He anticipates this intervention will catalyze a widespread market rally, with a particular emphasis on the cryptocurrency sphere. This rally will inevitably trigger new price peaks for SOL and other assets.

At press time, SOL hovers around the $99 – $100 price mark. The asset has recorded over 4.40% in the last 24 hours, alongside an impressive trading volume of $2.6M.

SOL 1-Day Data. Photo: CoinMarketCap

Solana’s market journey has been tumultuous, marked by notable price swings. Despite this, Solana has displayed resilience, sustaining a price that reflects investor confidence.

Hayes’ optimistic remarks and a subsequent price increase signal potential positive developments for Solana in the market.

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2024-02-02 18:36