Solana

<p>The Solana blockchain has surpassed Ethereum in 24-hour decentralized exchange (DEX) trading volume for two consecutive days, according to data shared by the<a href="https://x.com/SolanaFloor/status/1798898019519299916?t=dqkDiS9CITbgINb-u70ccA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow"> X account @SolanaFloor</a>. This milestone shows Solana’s growing prominence in the decentralized finance (DeFi) space and could have implications for Ethereum’s future price movements.</p>
<h2 class="wp-block-heading" id="solana-s-surging-dex-volume-key-levels">Solana’s Surging DEX Volume Key Levels</h2>
<p>On the days in question, Solana’s DEX volume soared to $2.5 billion, dwarfing Ethereum’s $1.23 billion. This means that Solana’s DEX trading activity was more than double that of Ethereum, the long-standing leader in the DeFi realm.</p>
<p>Meanwhile, Ethereum’s price has remained relatively stagnant, trading in a tight range between $3,657 and $3,960 since May 21. Despite the approval of an Ethereum spot ETF on May 23, which initially fueled a 37% price surge from May 15 to May 24, the anticipated influx of capital into ETFs has yet to materialize, contributing to the sideways price action.</p>
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<p>The price had already experienced a bullish surge in the days leading up to the approval of the Ethereum spot ETF on May 23, spiking by more than 37% from May 15 to May 24. The approval of the ETF did not kick-start the anticipated trading frenzy.</p>
<p>The expected inflow of capital into ETFs through these investment vehicles did not materialize as anticipated. However, the anticipation had already pushed Ethereum’s price close to $3,900, near its previous all-time high levels, which could have promoted many traders to take profits.</p>
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<p><em><strong>Read Also: <a href="https://captainaltcoin.com/kaspa-analyst-explains-real-reason-behind-kas-hitting-new-ath-highlights-upcoming-major-exchange-listing-and-key-upgrade/" target="_blank" rel="noopener noreferrer nofollow">Kaspa Analyst Explains Real Reason Behind KAS Hitting New ATH: Highlights Upcoming Major Exchange Listing and Key Upgrade</a></strong></em></p>
<p>Ethereum’s price is currently undergoing a period of accumulation, with $3,960 acting as a resistance level and $3,657 serving as support. A decisive break above the $3,960 resistance could potentially trigger a sharp price spike, propelling Ethereum to new all-time highs. Conversely, a break below the $3,657 support level could result in a potential correction, with prices potentially falling back to around $3,200.</p>
<p>Solana’s recent achievement in surpassing Ethereum’s DEX volume raises questions about the long-term dominance of Ethereum in the DeFi space. While Ethereum remains the industry leader, Solana’s growing traction and superior scalability could potentially pose a significant challenge to Ethereum’s market share.</p>
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<p>The post <a href="https://captainaltcoin.com/solana-sol-surpasses-ethereums-24-hour-dex-volume-as-eth-faces-potential-spike-or-dip/" rel="noopener noreferrer nofollow">Solana (SOL) Surpasses Ethereum’s 24-Hour DEX Volume as ETH Faces Potential Spike or Dip</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Solana (SOL) Surpasses Ethereum’s 24-Hour DEX Volume as ETH Faces Potential Spike or Dip

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