Analyzing the Implications of Solana DEX Volume Overtaking Ethereum and BNB Chain

How Does Solana DEX Volume’s Performance Impact the Overall Market?

This cycle, Solana has maintained its dominance despite the price. The data indicates that other ecosystem components are still dominant in the market. DeFiLlama reports that on the previous day, the volume on Solana’s Decentralized Exchange (DEX) exceeded the total volume on Ethereum and BNB Chain.

• Even though Ethereum and BNB Chain had greater weekly gains, Solana continued to hold the top rank.
• Solana has a $2.24 billion DEX volume, as can be seen above. But Ethereum is $1.41 billion, while BNB Chain is $703.19 million.

Solana’s Market Volume Outpaces Ethereum and BNB: Causes and Impacts

Because of the rise, Solana currently possesses about 36% of the entire volume. Staking and the usefulness of apps developed on the chain are two factors contributing to the metric’s increase. This rise has been mostly attributed to the rise of meme coin trading on the network’s decentralized applications.

Memes created on the Solana blockchain have outperformed all other networks over the majority of this market cycle. As a result, distinct maxima have been reached at different periods by the demand for SOL and user activity. Moreover, data demonstrates that the Total Value Locked (TVL) has been rising since its decline on July 3. The increase in this measure suggests that market players think the network is reliable.

• The price of SOL reached $185.21 on July 18 and 21, when it produced four consecutive green candlesticks.
• On the daily chart, the token is currently forming a double-rounding bottom pattern due to the price increase, according to the observation.
• Should that continue, SOL’s price might rise by 13.05%. If that occurs, the token may potentially hit $204.33, breaking through the psychological $200 barrier.

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