As we dive into the bustling world of decentralized finance, one can’t help but wonder: is Solana poised to become the darling of DEX trading? With its trading volume surpassing $100 billion for a second month in a row and leaving Ethereum in the dust for three straight months, it’s clear something significant is happening. But hang on—amidst the excitement, signs of a potential bearish divergence are looming in Solana’s price action. The interplay of soaring DEX activity and market pullbacks raises intriguing questions about the future of the SOL token. So, what does this mean for investors and enthusiasts alike? Join me as we unpack the latest developments in the Solana ecosystem and what they might signal for the broader crypto space. LEARN MORE.
Key Notes
- Solana DEX trading volume stood above $100 billion for a second consecutive month.
- Solana DEX volume surpassed Ethereum’s for three consecutive months.
- SOL weekly price action is very close to confirm a bearish divergence on the MACD indicator.
Solana, a prominent Layer 1 blockchain network, broke past a massive milestone for the second consecutive month, attracting the attention of the digital asset community. The total decentralized exchange (DEX) trading volume on Solana once again exceeded the $100 billion mark while
SOL
$196.4
24h volatility:
0.2%
Market cap:
$94.19 B
Vol. 24h:
$3.34 B
, the native token of the protocol, turned bullish in the past 24 hours.
According to data from DefiLlama, in December Solana recorded $100.782 billion in DEX trading volume, while Ethereum witnessed just around $77 billion. Base with a volume of $44.5 billion, BSC with $41.33 billion, and Arbitrum with $30.39 billion, along with SOL and
ETH
$3 465
24h volatility:
0.7%
Market cap:
$417.41 B
Vol. 24h:
$17.45 B
, formed the top five blockchains with the highest DEX trading volume.
For October and November, the DEX trading volume on Solana stood at $52.49 billion and $129 billion, respectively. On the other hand, the blockchain has topped the list of networks with the highest DEX trading volume since the past three months, outperforming Ethereum, which had a DEX trading volume of $41.4 billion in October and $70.6 billion in November.