đ„đźSolana Outperforms Ethereum in DEX Volume on the Third Day and Its Price Approaches $100
Solana has emerged as a pioneer in the cryptocurrency market this week and has experienced a remarkable rise in the last two days, which has resulted in the printing of two bullish Marabozu candles.
The rally intensified after breaking the small resistance at the $75 level on Wednesday. Solana, currently the fifth-largest cryptocurrency by market capitalization, rose to $99.47 early Friday before a brief rebound as retail investors took profits. In particular, after a 94% decrease in 2022, Solana has skyrocketed and has an impressive increase in price by more than 870% to date.
This increase in Solana's price coincides with an increase in trading volume and, in particular, exceeds the daily Decentralized Exchange (Dec) volume of Ethereum for the third consecutive day. According to data from Onchain analytics platform Artemis, Solana's daily DEX volume rose to $1.55 billion on Friday, eclipsing Ethereum's $1.21 billion.
The growing popularity of Solana is evident not only in the price increase, but also in the increase in Google queries about cryptocurrency. October December to December saw the highest level of searches for âSolana,â according to Google Trends. This increase in interest is part of a broader trend in the blockchain space, and other search trends related to the Solana base meme token BON Dec are also gaining traction.
In particular, the rapid growth of Solana is not limited only by its price and market capitalization. The blockchain has seen a significant increase in the total volume of locked funds, reaching $ 1.308 billion according to October data, and with the significant contribution of stake protocols such as Marinade Finance, Jito and Marginfi, in addition, the number of active Solana addresses has increased by 240%, from 330,000 to 1.28 million.
