Solana (SOL), the fifth largest cryptocurrency in the world, has surpassed Ethereum (ETH) in price growth and trading volume over the past 30 days. On August 1, 2024, Wu Blockchain reported on X (formerly Twitter) that Solana had overtaken Ethereum in monthly trading volume on decentralized exchanges (DEXs).
Solana outperforms Ethereum
For the first time since July 2024, Solana's monthly trading volume on the DEX reached $55.876 billion, compared to Ethereum's $53.86 billion, according to X data.
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In addition to Solana, other networks also showed strong results. According to DefiLama, trading volume on platforms such as Arbitrum, BSC and Base amounted to $24.569 billion, $17.888 billion and $15.554 billion, respectively.
Solana (SOL) price rise
In addition to trading volume, Solana has also outperformed Ethereum in terms of price growth. According to Coinmarketcap, over the past 30 days, the price of SOL has increased by more than 10%, while ETH has lost more than 10% of its value.
SOL present value analysis
At the time of writing, SOL is trading around $159, down 12% in the last 24 hours. However, SOL trading volume increased by 68%, indicating a high level of investor and trader activity even in a bear market.
Solana price forecast
Technical analysis shows that SOL is at the important support level of $161 and is showing bearish trends. If this level fails to hold, the price could fall to the next support level at $150.
Despite the negative outlook, SOL is still trading above the 200-day exponential moving average (EMA), indicating bullish expectations on a longer-term basis.
