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Solana’s DEX volume outpaces Ethereum by $1B – What’s next?
In a stunning turn of events, Solana has emerged as the clear leader in decentralized exchange (DEX) trading volume, surpassing both Ethereum and Base by a staggering $1 billion. The news is sending shockwaves throughout the crypto market, with many analysts left wondering what this means for SOL’s price action.
According to data from DeFiLlama, Solana’s DEX volume has reached an astonishing $3.98 billion over the past 24 hours, dwarfing Ethereum’s meager $1.7 billion and Base’s paltry $1.2 billion. This monumental shift in market dynamics is a clear indication that SOL is once again on the rise.
But what does this mean for investors? Historical data suggests a strong correlation between DEX trading volume and SOL’s price action. In fact, most of SOL’s price pumps can be preceded by explosive DEX trading volume, as high transactions on the chain attract significant demand for SOL. This was seen during the December market bottom, where SOL’s DEX trading volume rebounded from a low of $3.1 billion to over $7.0 billion, leading to a remarkable recovery in price.
It appears that this trend is set to continue. With SOL’s price already having surpassed its March highs and broken above a critical trendline resistance, the stage is now set for a potentially explosive move higher. A decisive break above $220 could embolden bulls to target ambitious $240 or $260 levels.
However, investors must remain vigilant, as a drop below this key level would invalidate the bullish outlook and send SOL’s price tumbling.
Source: eng.ambcrypto.com
