Solana (SOL) has emerged as the world’s fifth-largest cryptocurrency, surpassing Ethereum (ETH) in terms of both price surge and trading volume over the past month. On August 1, 2024, the blockchain media outlet Wu Blockchain, previously known as Twitter, reported that Solana has outperformed Ethereum in monthly Decentralized Exchange (DEX) trading volume.
Solana outperforms Ethereum
According to the post on Wu Blockchain, this marks the first time since July 2024 that Solana’s monthly DEX trading volume has exceeded $55.876 billion, while Ethereum’s volume stood at $53.86 billion.
In addition to Solana’s impressive DEX trading volume, other blockchain networks have also shown strong performance. According to DefiLama, Arbitrum, BSC, and Base recorded monthly trading volumes of $24.569 billion, $17.888 billion, and $15.554 billion, respectively.
Alongside its trading volume success, Solana (SOL) has also outshined Ethereum (ETH) in terms of price surge. Coinmarketcap data reveals that SOL has surged by over 10% in the last 30 days, while ETH has experienced a decline of over 10%.
SOL price-performance analysis
Currently trading near $161, SOL has experienced a 12% decline in the past 24 hours. Despite this drop, SOL’s trading volume has surged by 68%, indicating increased participation from investors and traders during the bearish market trend.
Solana price prediction
Technical analysts predict that SOL is at a crucial support level of $161 and shows a bearish trend. If this support level is breached, SOL could potentially drop to $150, its next support level.
Despite the bearish outlook, SOL remains above the 200 Exponential Moving Average (EMA) on a daily basis, indicating a bullish sentiment on a higher timeframe.
