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Solana (SOL) Price: Token Trades Above $212 as Network Leads in DEX Volume
The cryptocurrency market is abuzz with the news that Solana’s native token, SOL, has surpassed a significant milestone by trading above $212. This achievement comes on the heels of the network outpacing Ethereum in decentralized exchange (DEX) volume, processing an astonishing $4.604 billion worth of transactions within a 24-hour period.
The remarkable surge in DEX volume and price appreciation is undeniably attracting attention from investors and enthusiasts alike. According to DeFiLlama data, Solana has successfully surpassed Ethereum’s daily trading activity by over $169 million, solidifying its position as the new market leader.
Meanwhile, SOL’s price action has shown a consistent upward trajectory, which may be attributed to increased trader interest and liquidity flowing onto its platforms. The token is currently trading at $211.61, displaying strong resilience above both the 212 level and the 100-hourly simple moving average.
As the network continues to innovate and improve its transaction speeds, investors are taking note of these developments. One such notable upgrade proposal, Alpenglow, has garnered significant attention in recent days. The SIMD-0326 proposal aims to drastically reduce block finality from a staggering 12.8 seconds to just 150 milliseconds.
This upgrade would allow validators to notarize or skip blocks off-chain and send compact proofs on-chain. In a bold move, the proposal also includes the burning of fees, which would further combat inflation in the SOL supply. With this innovative approach, Solana could potentially unlock real-time finance, gaming, and high-frequency applications.
Voting for Alpenglow is currently underway and will continue until Epoch 842. A two-thirds majority is required to approve the proposal. Initial turnout has shown approximately 11% participation, with a notable 10.6% supporting the upgrade.
Source: blockonomi.com
