Solana Surges, Overtaking Ethereum in Trading Volume

In the wake of renewed investor optimism, cryptocurrencies have experienced a significant upswing in 2024. Bitcoin, Ethereum, Solana, and Dogecoin have witnessed substantial increases in trade volume and market capitalization.

Solana has emerged as a notable performer, with its decentralized exchanges (DEXes) recording a staggering $70.9 billion in trading volume over a 30-day period. This translates to a remarkable 127% increase compared to the previous week.

Memecoin Adoption Drives Volume Spike

A key factor contributing to the surge in volume is the heightened adoption and trading of memecoins, such as Dogecoin. This is a notable deviation from previous trends and marks the first time such a milestone has been achieved since late 2022.

Positive Market Sentiment

Following a turbulent 2022 that saw the collapse of major crypto companies, the industry is now experiencing a resurgence in confidence. Notably, the recent electoral victory of Donald Trump has been viewed as a positive sign for cryptocurrency markets.

Solana Outperforms Ethereum

On November 12th, Solana's DEX volume witnessed a sudden spike, peaking at $6.88 billion. Since then, it has consistently maintained levels exceeding $5.7 billion per day, surpassing Ethereum's DEX ecosystem. Ethereum's DEX volume during the same period amounted to $14.27 billion, trailing significantly behind Solana. Other networks, including Base, BNB Chain, and Arbitrum, also reported lower volumes.

Raydium Leads the Way

Among Solana's DEXes, Raydium emerged as the standout performer. It captured $27.673 billion in volume over a seven-day period, with an intraday volume of $4.06 billion. This represents a collective growth of 128%. Orca followed closely with $895.95 million in 24-hour volume, marking a 135% increase.

Ethereum Volume Declines

In contrast to Solana's impressive growth, Ethereum's blockchain volume declined by 4.23% to $14.275 billion. The reported intraday volume on Ether was $849.64 million.

Solana Price Outlook

As of publication, Solana's market capitalization stood at $114.34 billion, indicating a 4% increase over the past 24 hours. The coin was trading at $240.82, representing a 36% gain over the past month.

The bullish sentiment surrounding Solana has sparked speculation that it could soon cross the $250 mark and potentially establish a new 52-week high. Historically, Solana achieved its previous high of $260.06 in November 2021. Given the current momentum, it is anticipated that Solana could surpass this milestone once again.

Future Growth Expectations

Financial experts expect Solana to continue its upward trajectory in the near future. This forecast is supported by the coin's impressive market capitalization, which has grown by over 130% year-to-date.