The Solana blockchain has surpassed Ethereum in 24-hour decentralized exchange (DEX) trading volume for two consecutive days, according to data shared by the X account @SolanaFloor. This milestone shows Solana’s growing prominence in the decentralized finance (DeFi) space and could have implications for Ethereum’s future price movements.
Solana’s Surging DEX Volume Key Levels
On the days in question, Solana’s DEX volume soared to $2.5 billion, dwarfing Ethereum’s $1.23 billion. This means that Solana’s DEX trading activity was more than double that of Ethereum, the long-standing leader in the DeFi realm.
Meanwhile, Ethereum’s price has remained relatively stagnant, trading in a tight range between $3,657 and $3,960 since May 21. Despite the approval of an Ethereum spot ETF on May 23, which initially fueled a 37% price surge from May 15 to May 24, the anticipated influx of capital into ETFs has yet to materialize, contributing to the sideways price action.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +The price had already experienced a bullish surge in the days leading up to the approval of the Ethereum spot ETF on May 23, spiking by more than 37% from May 15 to May 24. The approval of the ETF did not kick-start the anticipated trading frenzy.
The expected inflow of capital into ETFs through these investment vehicles did not materialize as anticipated. However, the anticipation had already pushed Ethereum’s price close to $3,900, near its previous all-time high levels, which could have promoted many traders to take profits.
Ethereum’s price is currently undergoing a period of accumulation, with $3,960 acting as a resistance level and $3,657 serving as support. A decisive break above the $3,960 resistance could potentially trigger a sharp price spike, propelling Ethereum to new all-time highs. Conversely, a break below the $3,657 support level could result in a potential correction, with prices potentially falling back to around $3,200.
Solana’s recent achievement in surpassing Ethereum’s DEX volume raises questions about the long-term dominance of Ethereum in the DeFi space. While Ethereum remains the industry leader, Solana’s growing traction and superior scalability could potentially pose a significant challenge to Ethereum’s market share.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
