- Solana turns into the blockchain with the best DEX transaction quantity for the third month in a row.
- In December, the blockchain community recorded DEX transaction quantity of $105 billion.
- SOL goals to reclaim the $200 worth degree, however failed to take action after a 5% crash in 24 hours.
The Solana blockchain has dominated all different blockchain networks, together with Ethereum, by way of decentralized alternate (DEX) transaction quantity over the previous three months. Nonetheless, SOL, the native token of the Solana ecosystem, has struggled to reclaim the $200 worth degree because it crashed by 5% within the final 24 hours.
In keeping with DefiLiama knowledge, Solana's DEX buying and selling quantity reached $52.49 billion in October, $129.73 billion in November, and $105.05 billion in December, whereas Ethereum stood at $41.4 billion in October, $70.3 billion in November and $81 billion in December.
Notably, Ethereum was ranked first by way of DEX transaction quantity in September, nevertheless it ranks third in December. Second place was taken by Binance's BSC chain, which recorded a quantity of $99 billion. Nonetheless, Solana is ranked because the second largest blockchain by way of whole worth locked (TVL), which stands at $8.58 for the community, surpassed by Ethereum and Tron.
Solana's rise is essentially because of the development of the Pump.enjoyable platform, a coin generator. Bonk (BONK), dogwifhat (WIF) and Pudgy Penguins (PENGU) are a number of the merchandise on the platform. Notably, PENGU is the biggest meme coin on the Solana blockchain.
Moreover, the elevated adoption of Jupiter (JUP), a decentralized alternate aggregator on Solana, has additionally contributed to the community's vital development.
SOL Worth Evaluation
Final month, SOL hit a brand new all-time excessive, reaching a worth of $263.83. Nonetheless, on the time of writing, the altcoin is buying and selling at $188.77, down virtually 5% over the previous 24 hours and 27.15% from the ATH, and has a market capitalization of $90.53 billion.
The relative energy index (RSI) for SOL signifies a price of 38.64, which signifies that the bears have taken over the value motion of the Solana token and the slope of the road signifies that the costs might collapse extra as Bitcoin failed to carry $99,000 in worth. final 24 hours and the correction within the broader market continues.
Disclaimer: The knowledge offered on this article is for informational and academic functions solely. The article doesn’t represent monetary recommendation or recommendation of any variety. Coin Version will not be accountable for any losses arising from the usage of the content material, services or products talked about. Readers are suggested to train warning earlier than taking any motion associated to the corporate.
