🔥 Do you like & preferred which Decentralized Exchange #DEXes #Trustwallet #Metamask #BinanceTournament #crypto2023

📊#DEX monthly trade volume rose to $29B in November, recovering from a multi-year low hit in September 👀

#Volume #DEXes

$BAKE is up 20% on the day. Did you know that if $BAKE reaches the market cap of $UNI it would be worth $23.39 or a shocking x52.44 its current price?📈

#BAKEUSDT #BakerySwap #DEFİ #DEXes #BakeryToken

Will DeFi summer be back this cycle? Did you know that if $SUSHI reaches the market cap of $UNI it would be worth $25.09 or a whopping x36.33 its current price? 📈

#DefiSummer #SUSHIUSD #DEXes #defi #SUSHISWAP

Impact of Solana Network Difficulties on Price. ⁉️

Solana (SOL), a standout performer amidst the ongoing crypto bull run, finds itself grappling with persistent network challenges. Despite its impressive performance, recent network outages have cast a shadow over its trajectory.

The root cause of these challenges primarily lies in the surge of on-chain activity, including transactions involving meme coins and decentralized exchanges (DEXes). Shockingly, up to 70% of non-voting transactions have failed in recent weeks, indicating a significant increase in transaction failures.

Since the beginning of 2022, the network has weathered approximately six major outages and endured 15 days of partial or complete disruption. The most recent setback occurred in early February 2024, lasting over five hours, attributed to a bug in Solana’s Just-in-Time (JIT) compilation cache.

🔹Impact on SOL's Price and Future Trajectory

Despite the network's turbulent performance, SOL has managed to maintain its price above $170, with a modest 2% gain in the last 24 hours. However, investor confidence remains fragile, with concerns looming over the network's reliability.

Persistent congestion could potentially trigger negative sentiment and lead to a decline in SOL's price. Analysts emphasize the importance of SOL maintaining support above $184 to sustain its bullish run, with acceptable downside volatility wicking into $173.

CoinCodex, leveraging artificial intelligence (AI), forecasts bullish sentiments for SOL in the short term, envisioning a surpassing of the $200 mark and trading around $230 by April 11.

🔹Current Status and Long-Term Outlook

SOL is trading at $175, down over 10% for the week. The long-term effects of network congestion on its price are unclear, as SOL has shown resilience despite the outages.

Solana's price depends on market sentiment and network solutions' effectiveness. Investors are cautious amid challenges, scrutinizing Solana's stability and its impact on SOL's price.

#Solana⁩ #SOL #CoinCodex #DEXes