Solana (SOL) Network's Dominance in the Crypto #Defi Sector is Surging Rapidly

Two big factors showed that Solana is a very good investment asset in the crypto space, despite several challenges.

Solana (CRYPTO: SOL) is emerging as a top investment asset in the crypto space, despite facing several challenges.

Recent data from blockchain analytics platforms show that Solana has captured nearly 30% of the decentralised exchange (DEX) market, signalling its growing dominance. In contrast, Ethereum’s (CRYPTO: ETH) brutal 2023 price performance saw its DEX dominance drop from 50% to under 30% over the past year.

Solana’s role in crypto DEX trading volumes surged during the October 2023 bull run. However, the current crypto bear market has seen a shift in trading activity away from Solana.

The current price of Sol, the native token, is $142.41, down 22% in the last three months.

Solana network's dominance in the #Crypto #Defi Sector is surging rapidly

Source: Defillama pic.twitter.com/auahsZpiky

In a recent podcast, Joe McCann, CEO of Asymmetric, praised Solana as the “fastest horse” in the crypto space, further solidifying its position as a promising investment.

McCann also touched on other crypto-related topics. He highlighted the global nature of crypto markets, with significant trading activity in Southeast Asia. He believes that upcoming developments in China will greatly influence the crypto market’s direction. McCann also remains optimistic about crypto, especially as global liquidity improves, benefiting risk assets like cryptocurrencies.

Solana Price Action

The current trade price of Sol, the native token of the Solana network, is $142.41, down 22% over the last three months.

In the last 10 days, the trade price of SOL has seen significant fluctuations around the $145 level.

Crypto investors will recall the breakout moment for Solana in October 2023. In just a few months, the price surged from $20 in October to over $120 by the end of the year. After a brief dip, it continued its upward trend, reaching $210 by March 2024. This represents a tenfold increase in market value, rising 900% in just over five months.

Read also: Polygon’s Bold Move: Migrating from Matic to Poly—Will It Reverse the 60% Crash?

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