Solana Surpasses Ethereum in DEX Volume for 10th Straight Month
Solana's price has surpassed $210 for the first time since February, achieving an intraday peak of $211. This upward trend contrasts with declines in Bitcoin, Ethereum, and Ripple.
- Solana has outperformed Ethereum in decentralized exchange (DEX) trading volume for 10 consecutive months, reaching $124 billion in July, which is 42% higher than Ethereum.
- On-chain data shows Solana accounted for 42.71% of all on-chain transfers, slightly above Ethereum's 42.53%.
- Over the last 30 days, Solana attracted $222 million in bridged inflows, while Ethereum secured $183 million, indicating Solana's growing liquidity appeal.
Solana's current price action maintains above the $205 level, with support at the 20-day SMA of $191. The MACD indicator shows bullish momentum, suggesting potential further gains.
- Immediate resistance is at $215, with possible targets of $228 and $240 if surpassed.
- If the price drops below $200, support may be tested at $191, with risks of a deeper pullback towards $179 or $158.
Investor interest in multi-chain solutions is increasing due to Solana’s DeFi activity, exemplified by the Best Wallet presale, which has raised over $15 million, highlighting demand for secure and low-fee transaction options.
