TL;DR
- Solana Surpasses Ethereum in DEX Volume: Solana has recorded the highest daily and weekly decentralized exchange (DEX) volumes, surpassing Ethereum. The latest data shows that Solana’s volume reached $1.447 billion within 24 hours and an impressive $10.786 billion over the past week.
- Drop in Solana’s NFT Sales Volume: Despite an increase in NFT traders, Solana witnessed a 16% drop in NFT sales volume on May 8th. The USD value of all Solana-based NFTs sold was $3.01 million, down from over $3.5 million on May 7th.
- SOL Price Surge and Market Capitalization: Solana (SOL) recently experienced a price surge of over 9%, aiming to breach a crucial resistance zone. With a market capitalization surpassing $50 billion, Solana is solidifying its position as a significant player in the cryptocurrency market.
Solana has eclipsed Ethereum, recording the highest daily and weekly decentralized exchange (DEX) volumes. The latest data indicates that Solana’s volume has soared to $1.447 billion within 24 hours and an impressive $10.786 billion over the past week.
BREAKING: @solana FLIPS @ethereum IN 24H DEX VOLUME pic.twitter.com/asBpJObjjn
— DEGEN NEWS 🗞️ (@DegenerateNews) May 10, 2024
This surge in DEX volume rankings underscores Solana’s expanding influence and adoption. The blockchain now takes the lead with a weekly DEX volume of $10.786 billion, outpacing Ethereum’s $9.604 billion.
These statistics signal a significant shift in the DEX market, highlighting Solana’s robust performance and escalating prominence among traders and DeFi enthusiasts. Solana has not only outperformed Ethereum in DEX volumes but also surpassed it in several other key metrics.
Solana's total fees (or revenue) are now at 50% of Ethereum in the past few days. Obviously, this ratio is at an all-time high.
For reference, in 2021/22 during peak activity, the ratio was under 1% & hovered ~10% at the start of this year.
— mhonkasalo (@mhonkasalo) May 10, 2024
Solana has surpassed Ethereum in terms of the trading volume for perpetual futures, a key indicator of market liquidity and investor enthusiasm. This measure reflects the market’s confidence in Solana, given the crucial role of perpetual futures in determining prices and ensuring liquidity in the cryptocurrency markets.
Recent Drop in Solana’s NFT Sales Volume
However, despite the uptick in NFT traders count, Solana witnessed a 16% drop in NFT sales volume on May 8th. The USD value of all Solana-based NFTs sold was $3.01 million, down from over $3.5 million on May 7th. This dip in sales volume is attributed to the steady decline in SOL’s value in recent days.
In terms of price, Solana (SOL) recently experienced a surge of over 9%, aiming to breach a crucial resistance zone around $157 to $160. Indicators suggest bullish momentum, with SOL potentially targeting Fibonacci resistance near $175. If SOL fails to overcome resistance, it could revisit support levels around $125 to $133, with long-term support near $85.
With a market capitalization surpassing $50 billion, Solana is solidifying its position as a significant player in the cryptocurrency arena. The recent surge in Solana’s market activity, which saw a 33.6% price increase over the past 24 hours, is linked to the growing total value locked and the meme coin frenzy.
In conclusion, Solana’s recent performance in the DEX market and its price surge indicate a bright future for this blockchain platform in the DeFi sector. However, the decline in NFT sales volume suggests that there are still hurdles to overcome.
