Solana (SOL) continues to strengthen its position as a leading blockchain network, outpacing Ethereum in key performance metrics over the past three months.
Its superior transaction speed and scalability have attracted a growing number of decentralized finance (DeFi) users and developers, solidifying its role as a formidable Ethereum competitor. Currently, SOL is trading above $263, up 22% in the last seven days.
Solana’s Growing Dominance Over Ethereum
Recent data from Dune Analytics highlights Solana’s growing dominance in the decentralized exchange (DEX) market. Over the last three months, Solana has recorded over 5.05 billion transactions, with a staggering DEX trading volume of $1.9 trillion.
In comparison, Ethereum processed 1.14 billion transactions within the same period, with DEX volumes amounting to $504.83 billion.
Source: Dune.com
Key Metrics Comparison:
- Active Addresses: Solana boasts 344 million, far exceeding Ethereum’s 82.56 million, even when factoring in Layer 2 solutions such as Arbitrum, Polygon, and zkSync.
- Total Value Locked (TVL): Ethereum still leads with $64.47 billion, compared to Solana’s $11.38 billion, according to DeFiLlama.
Solana’s efficiency and lower transaction fees have positioned it as a strong contender in the blockchain ecosystem, attracting developers and investors alike.
Solana Technical Analysis: Bullish Breakout on the Horizon
Solana is currently trading at $263.10, reflecting a 6% gain in the past 24 hours, with a trading volume of $9.63 billion. Technical analysis indicates the formation of a symmetrical triangle pattern on the 2-hour chart, signaling market indecision.
However, a recent bullish engulfing candlestick near the 50-day exponential moving average (EMA) at $249.78 suggests renewed buying interest.
A decisive breakout above the upper boundary of the triangle at $272.18 could propel the price towards the next resistance levels at $289.90 and $306.44.
On the downside, key support lies at $253.47, with a break below potentially driving prices lower to $229.78. The 50 EMA serves as a crucial support level, sustaining bullish momentum if buyers continue to dominate.
Key Levels to Watch:
- Immediate Resistance: A breakout above $272.18 could push the price to the next resistance levels at $289.90 and $306.44.
- Support Levels: The critical support lies at $253.47, with further downside potential to $229.78 if selling pressure intensifies.
If SOL breaks out of its current consolidation pattern, it could set its sights on the $400 mark, signaling significant upside potential.
Solaxy Raises Nearly $14M: Solana’s First Layer 2 Solution Nears Presale Goal
As Solana continues to scale, Solaxy ($SOLX) emerges as a critical Layer 2 solution designed to enhance transaction speeds, reduce fees, and improve network efficiency. The platform is addressing congestion issues that have arisen with Solana’s increasing adoption.
https://twitter.com/SOLAXYTOKEN/status/1882459105467433452
Investor interest in Solaxy remains strong, with the presale raising $13.93 million, inching closer to its $14.27 million target. Currently priced at $0.001612 per token, demand is evident in the project’s expanding community of over 3,500 Telegram members and 62,000+ X followers.
With the presale approaching its final phase, investors have a limited window to secure $SOLX tokens before the next price increase.
[…] issues caused Solana’s recent price drop. The complex regulatory rules for cryptocurrencies have caused investors to remain uncertain […]
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