Ethereum (ETH) competitor Solana (SOL) is sustaining its upward momentum as it overtakes layer-2 scaling solution Polygon (MATIC) in daily decentralized exchange (DEX) volume.
New data from blockchain tracking platform Artemis reveals that the smart contract platform has surpassed MATIC in both overall DEX volume and the number of daily transactions.
Artemis’ data shows that as of yesterday, Solana had a DEX volume of about $240.5 million, outpacing Polygon’s $137.5 million.
The numbers also show that Solana greatly surpassed Polygon – and other digital assets such as ETH and Avalanche (AVAX) – in terms of daily transactions. Solana has seen millions more daily transactions compared to its competitors, logging 19.5 million on November 2nd compared to ETH’s 1.05 million, MATIC’s 2.59 million, and AVAX’s 192,000.
Another chart that displays Solana’s recent upward momentum is that of market cap. Since the start of October, SOL has been outpacing its competitors in terms of market cap, setting itself apart even further in November.
Solana’s growth has also been reflected in its price, as the smart contract platform has seen about a 300% increase in price since January 1, 2023, when it was trading for just $9.97. Solana is moving for $39.36 at time of writing, a fractional decrease during the last 24 hours.
Recently, two prominent crypto strategists commented on the rise of Solana First, macro guru Raoul Paul said that Solana resembled a “rocket ship” after the release of Firedance, a new validator client for the SOL blockchain that improved its scalability and speed.
Days later, pseudonymous crypto trader Pentoshi predicted that the ETH rival would retrace toward the $32 range – only to set up another move to the upside.
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#SolanaPredictions #PolygonTrends $SOL $MATIC

Solana (SOL) is currently one of the best-performing cryptos. The popular altcoin has surged by over 260% since the beginning of this year. SOL has even outperformed Bitcoin (BTC), which has risen by about 107% in the same time frame.According to CoinShare’s latest fund flow report, Solana (SOL) witnessed the highest inflow of funds among the altcoins. The project saw inflows of $23.9 million over the previous week. Ethereum (ETH), on the other hand, saw outflows of $6 million in the same time frame. Furthermore, other alts like XRP and Litecoin (LTC) saw minor inflows of $0.2 million and $0.5 million respectively.As per CoinShare’s report, BTC was responsible for 90% of all fund inflows, with $296.3 million flowing into the project. Nonetheless, $15.4 million went into short Bitcoin (BTC) products.The inflow of funds into SOL is visible in the token’s performance over the previous week. SOL is up by over 16% in the weekly charts and 11.7% in the last 24 hours.Why are investors bullish on Solana (SOL)?SOL’s performance is especially commendable, given that it was one of the worst-affected projects after the collapse of FTX. FTX founder Sam Bankman-Fried (SBF) was heavily bullish on SOL and bought a lot of tokens. However, when FTX collapsed, it led to a plunge in SOL’s price. Moreover, several projects exited the Solana (SOL) ecosystem, jumping ship to rival chains. However, the asset has shown incredible performance since then.The continuous inflow of funds into SOL shows investors are bullish on the project. The inflows also show that investors aren’t bothered by a possible liquidation from FTX. A court has permitted the now-defunct exchange to liquidate its SOL holdings. The sale could have a detrimental effect on the asset’s price. However, investors seem to be ready to take on the incoming dump.#SolanaPredictions #dyor

Solana has maintained its position within the altcoin market, exhibiting a notable influx of capital that surpassed that of all other cryptocurrencies save for Bitcoin over the previous week. Institutional investment products have had a consistent influx of capital for a duration of eight consecutive weeks, wherein certain cryptocurrencies have garnered a comparatively higher volume of incoming investments in comparison to others.
Based on the current CoinShares report about digital asset funds, a significant portion of the funds were allocated to Bitcoin goods. This trend may be attributed to the sustained appeal of Bitcoin among investors, which has been further bolstered by recent advancements within the cryptocurrency sector.
The Solana blockchain network is experiencing a significant increase in traction and support. Within the realm of institutional investors
Solana has had a remarkable surge in value over the current year, as evidenced by the substantial increase of over 465% in the value of its native SOL token since the commencement of the year. Simultaneously, investment vehicles associated with Solana have garnered significant attention from institutional investors, resulting in inflows over $135 million thus far in the current year.
Based on the findings of CoinShares, there was a cumulative influx of $176 million into digital asset investment funds over the previous week. A sum of $155 million was allocated to Bitcoin, constituting 3.4% of the overall assets under management for the past eight weeks. Consequently, the cumulative influx for the current year has amounted to $1.32 billion, but significantly lower than the figures recorded in 2021 and 2020, which stood at $10.7 billion and $6.6 billion, respectively.
The most recent data from CoinShares highlights a significant decline in weekly inflow into Ethereum goods, with a staggering decrease of 93.27% from $49.1 million to $3.3 million. In contrast, Solana had a notable growth of around 10%, rising from $12.4 million to $13.6 million.
Similarly, other alternative cryptocurrencies faced challenges in attracting significant capital inflows. Litecoin and XRP, for instance, saw inflows of only $0.4 million and $0.5 million, respectively. Uniswap and Polygon experienced modest capital outflows of $0.55 million and $0.86 million, respectively.
The majority of cryptocurrencies saw a short period of stabilization during the previous week; however, this trend did not extend to investment goods. According to the study published by Coinshares, the influx of funds into Bitcoin may be attributed to a prevailing optimistic mood, which is closely linked to the anticipated endorsement of a spot-based Bitcoin Exchange-Traded Fund (ETF) in the United States. The aforementioned observation is notably apparent, given that Short-Bitcoin outflows saw a further outflow totaling $8.5 million over the previous week.
In light of these many motivations and a substantial price spike of 101% observed in the previous month, Solana has exhibited development in other dimensions of its ecosystem that might potentially appeal to institutional investors. Firstly, it is noteworthy to mention that Solana has exhibited a really commendable performance in terms of Total Value Locked (TVL) throughout the recent months.
According to the data provided by DeFiLlama, the total value locked (TVL) on the network currently stands at $576.44 million, reflecting a notable surge of 77.62% over the previous month. The platform has also disclosed an increase in the trading volume of SOL on decentralized exchanges over the previous week.
As per the on-chain intelligence platform Messari, Solana has emerged as the key center for initiatives related to the Decentralized Physical Infrastructure Network (DePIN).
What constitutes the worth of a $SOL ?
Despite facing challenging market conditions, Solana has exhibited superior performance compared to prominent cryptocurrency assets. It has emerged as a central platform for decentralized public infrastructure network (DePIN) initiatives, while also making significant product announcements such as the introduction of Firedancer. The provided link (pic.twitter.com/7ouHN089Wd) leads to a
Messari, a prominent cryptocurrency company, sent a tweet on November 20, 2023.
The current trading price of Solana (SOL) is at $56.27, and investors are eagerly awaiting a significant breakthrough over the $60 mark.
#Solana📈🚀🌐 #SolanaPredictions #BinanceSquare

The Solana cryptocurrency had a significant increase in value, surpassing the resistance level of $60 in relation to the United States Dollar. The price of SOL has experienced a significant increase of more than 50% over a short span of time, and there is a possibility that it may continue to ascend towards the $75 threshold.
The price of SOL began a significant upward movement over the barrier level of $55 in relation to the US Dollar.
Currently, the price is exhibiting a trading pattern that surpasses the threshold of $60 and is positioned above the 100 simple moving average within a 4-hour timeframe.
A significant bullish trend line is observed on the 4-hour chart of the SOL/USD pair, with a support level at $55.00. The data source for this analysis is Kraken.
If the pair successfully surpasses the resistance zone at $68.00, it may continue to ascend.
The Solana price demonstrates a resurgence in its strength.
Over the course of recent days, #SolanaPredictions had a significant surge in value, surpassing the $50 threshold. SOL had a strong trend after to its successful consolidation over the $50 mark, therefore surpassing the performance of both Bitcoin and Ethereum.
The price has experienced a significant increase of more than 50% over a short span of time, indicating ongoing bullish market sentiment. The current market activity resulted in an increase in price that surpassed the threshold of $65. A peak is observed in the vicinity of $67.21, and the current price is undergoing a period of consolidation to maintain the acquired gains. There are indications of positivity observed above the 23.6% Fibonacci retracement level, which corresponds to the upward movement between the swing low of $51.23 and the high of $67.21.
The current trading price of SOL has surpassed $60, while also exceeding the 100 simple moving average for a 4-hour period. Additionally, a significant upward trend line is being established, indicating support around approximately $55.00 on the 4-hour chart of the SOL/USD pair.
One positive aspect is that there is a nearby resistance level at about $67.20. The initial significant resistance is observed in close proximity to the $68.00 threshold. A potential upward movement may be initiated if there is a successful breach of the resistance level at $65.00. The subsequent significant resistance level is about $70.00. Further increases in value might potentially drive the price towards the threshold of $75.00.
Is the #Solana📈🚀🌐 programming language capable of supporting dips?
In the event that SOL is unable to surpass the resistance level of $68.00, it may initiate a downward decline. The $62.50 level is expected to provide first support on the downside.
The initial significant level of support can be found around $57.75 or the 61.8% Fibonacci retracement level, which corresponds to the upward movement from the swing low of $51.23 to the high of $67.21. If the price falls below this level, there is a possibility of a test of the trend line. In the event that the price experiences a closure below the support level of $55.00, there is a possibility of a subsequent slide below the support level of $50.00 in the immediate future.
The 4-hour Moving Average Convergence Divergence (MACD) indicator indicates a decrease in momentum inside the positive region for the SOL/USD trading pair.
The Relative Strength Index (RSI) for the SOL/USD pair has surpassed the 50 mark within a 4-hour timeframe $SOL
The primary levels of support are identified as $62.50 and $57.75.
The primary levels of resistance are identified as $68.00, $70.00, and $75.00.