Highlights:
- Solana has exceeded Ethereum and BNB’s combined DEX trading volume.
- Solana also outperformed Bitcoin and ETH in NFT trading volume.
- SOL records a 633% increment within a year interval.
Despite ranking as the fifth most valuable cryptocurrency, Solana (SOL) has consistently surpassed top-ranking assets in several market metrics. In a recent update, SOL has outpaced Ethereum (ETH) and Binance Smart Chain (BNB) in combined Decentralized Exchange (DEX) trading volume. For context, ETH and BNB are the second and fourth most valuable assets, respectively. Hence, it becomes a tremendous feat when Solana outperforms both in combined DEX trading volume.
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Solana’s recent feat adds to the token’s exceptional run in recent weeks, making it stand tall in the Decentralized ecosystem. Aside from topping DEX trading volume, Solana is leading Ethereum and Bitcoin (BTC) in Non-Fungible-Token (NFT) trading volume. Therefore, it shouldn’t be strange that Solana could become a top performer in the upcoming bull season.
Meanwhile, Ethereum’s Exchange Traded Fund (ETF) sales will likely begin tomorrow. Like Bitcoin, the ETF sales boast significant potential to orchestrate ETH’s massive rally to become the most rewarding crypto asset in this market cycle.
Solana’s DEX Trading Volume Relative to BNB and ETH
According to a recent tweet, Solana has topped the chart in the past 24 hours’ DEX trading volume. Interestingly, SOL’s DEX volume was $2.262 billion, with Ethereum in second place with $1.419 billion and BNB in third place with $703.19 million. Arbitrum’s (ARB) $618.16 million DEX volume completed the top four.
🚨 BREAKING: @solana surpasses the combined 24-hour DEX volume of Ethereum and Binance Smart Chain (BSC)
Market Dominance: 36% pic.twitter.com/VjFzWX3XEO
— SolanaFloor (@SolanaFloor) July 22, 2024
Summing up ETH’s and BNB DEX volumes will result in a combined $2.122 billion valuation. $2.122 billion is over $100 billion less than SOL’s $2.262 billion trading volume. Hence, it supports the earlier assertion, claiming that Solana outperformed ETH and BNB in combined trading volume.
SOL’s NFT Trading Volume Records Surges Above ETH and BTC
Aside from its DEX trading volume surge, Solana dominated the NFT trading volume chart. However, contrary to the DEX volume variable, the difference between Solana and Ethereum’s NFT volume was less than $200K. A different post on X revealed SOL and ETH’s NFT trading volumes to be $4,759,882 and $4,600,164, respectively. BTC occupies third place in the NFT trading volume chart with $2,852,731.
🚨 BREAKING: @solana surpasses Ethereum in 24-hour NFT trading volume. pic.twitter.com/wcjc6qawYv
— SolanaFloor (@SolanaFloor) July 22, 2024
SOL Has Outperformed 90% of Top Crypto Assets
Aside from outpacing Bitcoin, BNB, and Ethereum in specific indices, Solana’s risk assessment analysis revealed that the token has done much better. Notably, the token surged by 633% within a year. In addition, it has outperformed 90% of the top 100 most valuable cryptocurrencies within the same timeframe.
More Interestingly, SOL is changing hands at about $180, following a 3.86% upswing. Its current price indicates it is trading above its 200-day Simple Moving Average (SMA). Moreover, Solana has maintained a bullish sentiment while the “Fear & Greed Index” indicated greed at 72, despite SOL’s increasing price.
Conversely, Ethereum is worth roughly $3,500 courtesy of a slight 0.24% decline. Like Solana, ETH has a bullish sentiment with a “Fear & Greed Index” that reflected greed at 70. However, unlike SOL, ETH only appreciated 87% in the previous year and has outperformed only 51% of top-performing cryptocurrencies. However, it is priced above its 200-day Simple Moving Average (SMA) and has high liquidity based on its market cap.
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