- Solana’s DEX volumes surpass Ethereum, indicating higher real-world usage and growing adoption despite overall market trends.
- Despite robust DEX activity, Solana’s network sees a 10.7% decline in activity and a 20% drop in development.
Solana has outpaced Ethereum in terms of decentralized exchange (DEX) volumes. This metric measures the total value of cryptocurrency transactions conducted directly between wallets on Solana’s network. It suggests active and practical use of Solana’s blockchain for financial exchanges, beyond mere investment speculation.
Overview of Solana’s Network Activity
Despite Solana’s notable trading volume on DEX platforms, the overall activity on its network has decreased by 10.7% over the past month. Additionally, there has been a 20% reduction in development activities, as indicated by the number of code commits.
This slowdown contrasts with Ethereum, which has seen a slight increase in active users by 2.2% and a 10% rise in development activity over the same period.
Market Price and Performance
At the moment, the price of Solana’s token, SOL, stands at $130.47, reflecting a 5.21% drop within the last 24 hours. This decline is part of a broader downward trend observed since May 21.
The bearish trend in Solana’s market is further evidenced by the formation of multiple lower lows and lower highs.
Technical Indicators
The technical analysis of Solana reveals a bearish momentum with the Relative Strength Index (RSI) positioned below 40. This suggests that SOL might be slightly oversold and could potentially experience a market correction soon. The Awesome Oscillator (AO) also points to a decrease in buying pressure, which could lead to increased selling pressure in the near future.
Despite these challenges, the volume of SOL traded has surged by an impressive 212% in the last 24 hours, indicating a possible shift in market trading. This surge in trading volume could play a crucial role in Solana’s short-term market behavior.
These indicators and activities provide a detailed glimpse into Solana’s current market status and its potential future movements, juxtaposed against its main competitor, Ethereum, in the evolving landscape of blockchain technology.
