Ethereum

Solana

DeFi

<ul>
 <li>At the time of writing, SOL is trading at $136.58, down 9.86% in the last 24 hours.</li>
 <li>If the price manages to go below $132 level, then it will likely fall towards $127 level.</li>
</ul>
For the first time to date, DEXs built on the Solana network surpassed those built on Ethereum, in terms of trading volume for the month of July.
Solana had more daily trading volume than <a href="https://thenewscrypto.com/will-ethereum-eth-recover-after-falling-below-3000-again/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> for the whole month of July, according to DeFiLlama statistics for DEX volumes by blockchain. Ethereum came in second place for 17 days in a row last month.
30% of July’s crypto DEX volume came from protocols built on the Solana network, with Ethereum coming in second with 28.12%. By the end of the month, the total value of transactions processed by the exchanges on Ethereum was $53.867 billion, while those on Solana’s DeFi ecosystem processed $56.849 billion.
<h2 class="wp-block-heading" id="h-bear-dominance">Bear Dominance</h2>
After six days, it is fair to say that things have been somewhat hectic. While <a href="https://thenewscrypto.com/solana-sol-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Solana</a> seems to be having a rough time of it, Bitcoin, which hit $70,000 earlier in the week, is fighting for a position above $60,000.
Although it’s market cap has dropped below $70 billion once again, SOL has still maintained its ranking as per market cap. The S&amp;P 500 has fallen for three weeks running, and the Nasdaq 100 has fallen 10% from its all-time highs last month, coinciding with the decline.
At the time of writing, SOL is trading at $136.58, down 9.86% in the last 24 hours as per data from CMC. Moreover, the market cap is down 8.97% to $63.8 billion. If the price manages to go below $132 level, then it will likely fall towards $127 key support level. However, if things turn around and the price manages to climb above $145 level, then it will likely test $164 resistance level.

Solana Price Sinks Steeply Amidst Overall Market Downturn

Table of Contents

TheNewsCrypto

Other articles published on Aug 4, 2024

Ethereum’s Downturn Below $2.9K: An Analysis of Why This Isn’t a Cause for Alarm

Islamic State Adopts Bitcoin; Seeks Sharia-Compliant Crypto

Ripple’s Latest Moves: A Closer Look at the Implications for XRP

Bitcoin Cash Up This Week Alongside SOL; Rollblock Outperforms Both As Revenue Share Model Contin...

Canza Finance Partners With Stablecoin Issuer WSPN To Bring Efficient Financial Solutions To Africa

Real Reason for the Massive Decline in Bitcoin and Altcoins Allegedly Revealed

Join our free newsletter for daily crypto updates!