Solana surpassed Ethereum in monthly decentralized exchange (DEX) transaction volume for the first time in crypto history. During this period, Solana's ecosystem experienced a significant increase in on-chain activities. While Dapps like Raydium, Pump.Fun, and Jito stand out among the highest fee generators on Solana, one crypto analyst believes the leading altcoin rival is about to experience a major breakout.
Solana Outperformed Ethereum for the First Time in Its History!
According to DefiLlama data, Solana's DEX volume reached $55.8 billion in July, surpassing Ethereum's on-chain trading volume between July 1 and July 31. Ethereum recorded a transaction volume of $53.8 billion during this period. Layer-2 networks such as Arbitrum and Base and L1 Blockchains such as Binance Smart Chain generated the highest volume after Solana and Ethereum.
This milestone, where Solana surpassed Ethereum, occurred under different conditions for both networks. According to news from Kriptokoin.com, Solana's Blockchain gained popularity as meme coins such as dogwifhat (WIF) and Bonk (BONK) attracted great attention in on-chain markets. Many speculative investors made huge profits by investing in these tokens, which had a market value of billion dollars as of August 1.
Meanwhile, celebrities turned to Solana and quickly launched new tokens using tools like Pump.Fun and Moonshot. Although most failed, public interest in these tokens gave momentum to the meme coin meta. Asset managers such as VanEck have filed to file spot Solana ETF shares with the U.S. Securities and Exchange Commission. But BlackRock's head of digital assets, Robert Mitchnick, downplayed the likelihood of a crypto ETF basket other than Bitcoin and Ethereum.
Over the last few months, Solana has experienced a growth in on-chain volume along with an increase in daily active addresses. This increase recently surpassed 2 million (based on the 7-day moving average) and there has been a significant influx of users into the ecosystem thanks to dapps such as Raydium, Pump.Fun and Jito. These dapps were also among the network's largest fee generators.
Raydium emerged as the largest fee generator for users on Solana. The decentralized exchange (DEX) recorded a trading volume of $30 billion in July, making it the second largest exchange in terms of DEX volume after Uniswap. According to DeFiLlama data, Raydium generated fee revenue from $33 million in June to $65 million in July. Pump.Fun, on the other hand, rose thanks to the increasing demand for memecoin trading.
Lead crypto analyst Jamie Coutts of Real Vision notes that Solana (SOL) has formed a bullish formation against Bitcoin (BTC) based on the simple moving average (SMA) crossover on the daily chart. “Solana's relative strength is quite high,” Coutts said. “Once the leading crypto consolidates against Bitcoin, a major breakout could be on the horizon,” he says. The analyst shares a chart showing that SOL/BTC has entered a bullish trend after the short-term SMA crossed the long-term SMA, which has signaled rallies in the past.
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