Solana Misses Out on $200, Dominates DEX Buying and selling Quantity for third Time

• Solana turns into the best DEX buying and selling quantity blockchain for the third consecutive month.
• In December, the blockchain community recorded a DEX buying and selling quantity of $105 billion.
• SOL goals to reclaim the $200 worth stage however failed to take action after a 5% crash in 24 hours.

The Solana blockchain has dominated all the opposite blockchain networks, together with Ethereum, when it comes to decentralized trade (DEX) buying and selling quantity for the final three months. Nonetheless, SOL, the native token of the Solana ecosystem, struggled to reclaim the $200 worth stage, because it crashed by 5% during the last 24 hours.  

In keeping with DefiLiama knowledge, Solana’s DEX buying and selling quantity reached a whopping $52.49 billion in October, $129.73 billion in November, and $105.05 billion in December whereas Ethereum stood at $41.4 billion in October, $70.3 billion in November, and $81 billion in December. 

Notably, Ethereum was ranked first when it comes to DEX buying and selling quantity in September, but it surely stands third in December. The second place was taken by Binance’s BSC chain, which recorded a quantity of $99 billion. Nonetheless, Solana is ranked because the second-largest blockchain when it comes to complete worth locked (TVL), which stands at $8.58 for the community, surpassed by Ethereum and Tron.  

Solana’s rise to dominance is essentially channeled to the expansion of Pump.enjoyable platform, a meme coin generator. Bonk (BONK), dogwifhat (WIF), and Pudgy Penguins (PENGU) are a few of the merchandise from the platform. Notably, PENGU is the biggest meme coin on the Solana blockchain. 

Additional, the elevated adoption of Jupiter (JUP), a decentralized trade aggregator on Solana, additionally contributed to the numerous progress of the community. 

SOL Value Evaluation

Final month, SOL made a brand new all-time excessive, hitting a price ticket of $263.83. Nonetheless, on the time of writing, the altcoin is buying and selling at $188.77, down virtually 5% previously 24 hours and 27.15% from the ATH and has a market capitalization of $90.53 billion. 

The Relative Power Index (RSI) for SOL reads a price of 38.64 which signifies that the bears have taken over the worth motion of the Solana token and the gradient of the road signifies that the costs would possibly crash additional as Bitcoin did not retain $99,000 previously 24 hours and the broader market’s correction continues.