Solana (SOL) is on the verge of a significant milestone, with its price approaching the $150 mark for the first time since January 16th, 2022.
The recent surge in SOL’s value signifies a remarkable achievement, marking a new high after more than two years.
📈 #Solana is on the brink of crossing $150 for the first time since January 16th, 2022. Crowd sentiment is leaning slightly #bullish toward #5 market cap $SOL, but not to the extent where #FOMO could halt a rally. Doubt historically fuels prices higher. https://t.co/DDtDxlCT6F pic.twitter.com/XP22cQxdkl
— Santiment (@santimentfeed) March 7, 2024
Market sentiment surrounding SOL appears to be slightly bullish, with investors showing interest in the token’s potential.
However, there is a cautious optimism prevailing among the crowd, as fear of missing out (FOMO) has historically driven prices higher but also introduced risks.
According to DeFiLlama, the decentralized exchange (DEX) trading volume on the Solana network has exceeded $2 billion on multiple occasions between March 3 and March 6.
Notably, March 5 witnessed a record single-day high trading volume of $2.85 billion on the Solana network.Â
According to DeFiLlama, from March 3 to March 6, the DEX trading volume on the Solana has exceeded $2 billion for four days, with the trading volume reaching $2.85 billion on March 5, setting a new single-day high. The activity of on-chain transactions may be one of the reasons…
— Wu Blockchain (@WuBlockchain) March 7, 2024
Solana Has Surpassed Ethereum In 24 Hour DEX Trading Volume
The surge in trading activity on Solana’s DEX could be attributed to increased on-chain transactions and growing interest in decentralized finance (DeFi) applications built on the Solana blockchain.
In a noteworthy development, Solana has surpassed Ethereum in 24-hour DEX trading volume, recording a remarkable score of $2.573 billion compared to Ethereum’s $2.319 billion.Â
🚨 BREAKING BIG: @solana outperforms Ethereum in 24-hour DEX volume. pic.twitter.com/x9LMKtAOcF
— SolanaFloor | Powered by Step Finance (@SolanaFloor) March 8, 2024
This shift in trading volume highlights Solana’s growing prominence and adoption within the cryptocurrency ecosystem, positioning it as a formidable competitor to Ethereum in the decentralized exchange landscape.
The recent surge in Solana’s price and trading volume underscores the network’s resilience and growing appeal among investors and traders.
As Solana continues to establish itself as a leading blockchain platform, its journey toward $150 symbolizes a significant milestone, reflecting the platform’s potential for further growth and innovation in the decentralized finance space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: rimidolove/123RF // Image Effects by Colorcinch