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<p>The post <a href="https://coinpedia.org/news/solana-outperforms-ethereum-despite-10-price-drop/" rel="noopener noreferrer nofollow">Solana outperforms Ethereum despite 10% price drop</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Solana (SOL) the world’s fifth-biggest cryptocurrency has outperformed Ethereum (ETH) in terms of price surge and trading volume over the last 30 days. Today, on August 1, 2024, a blockchain media outlet Wu Blockchain made a post on X (previously Twitter) stating that Solana has surpassed Ethereum in monthly Decentralized Exchange (DEX) trading volume.&nbsp;</p>
<h2 class="wp-block-heading" id="h-solana-outperforms-ethereum-nbsp"><strong>Solana outperforms Ethereum&nbsp;</strong></h2>
<p>According to the post on X, this is the first time since July 2024, that Solana’s monthly DEX trading volume reached $55.876 billion, while Ethereum experienced a monthly DEX trading volume of $53.86 billion only.</p>
<p>Besides Solana’s monthly DEX trading volume, other chains have also performed impressively well. According to an on-chain analytic firm <a href="https://defillama.com/dexs/chains" target="_blank" rel="noopener noreferrer nofollow">DefiLama</a>, chains such as Arbitrum, BSC, and Base have experienced a monthly trading volume of $24.569 billion, $17.888 billion, and $15.554 billion, respectively.&nbsp;</p>
<p>Apart from DEX trading volume,<a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" rel="noopener noreferrer nofollow"> Solana (SOL) </a>has also outperformed Ethereum (ETH) in terms of price surge. According to Coinmarketcap, SOL experienced a price surge of over 10% in the last 30 trading days. During the same period, ETH has lost over 10% of its value.</p>
<h3 class="wp-block-heading" id="h-sol-price-performance-analysis"><strong>SOL price-performance analysis</strong></h3>
<p>At press time, SOL is trading near $161 and has experienced a 12% downside momentum in the last 24 hours. Following this significant drop, SOL’s trading volume jumps by 68%. This increase in trading volume during a bearish market indicates a higher level of participation from investors and traders.&nbsp;</p>
<h2 class="wp-block-heading" id="h-solana-price-prediction"><strong>Solana price prediction</strong></h2>
<p>According to expert technical analysis, SOL is currently at an important support level of $161 and appears highly bearish. If SOL fails to maintain this level, there is a high chance it could fall to $150, its next support level.&nbsp;</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/01224517/SOLUSD_2024-08-01_22-42-31-1.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/01224517/SOLUSD_2024-08-01_22-42-31-1-1024x448.png" alt="" class="wp-image-333796" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/01224517/SOLUSD_2024-08-01_22-42-31-1-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/01224517/SOLUSD_2024-08-01_22-42-31-1-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/01224517/SOLUSD_2024-08-01_22-42-31-1-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/01224517/SOLUSD_2024-08-01_22-42-31-1-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/01224517/SOLUSD_2024-08-01_22-42-31-1-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/01224517/SOLUSD_2024-08-01_22-42-31-1.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: TradingView
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</figure>
<p>Despite this massive bearish outlook, SOL is still trading above the 200 Exponential Moving Average (EMA) on a daily timeframe. The price of assets above 200 EMA suggests that assets are still bullish on a higher timeframe.&nbsp;</p>

Solana outperforms Ethereum despite 10% price drop

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