Bitcoin

Solana

In July, Solana’s decentralized exchanges (DEXs) handled 30% of the total crypto trading volume, surpassing Ethereum. However, the cryptocurrency market is now experiencing significant challenges due to a $500 billion drop triggered by a sell-off in the Japanese stock market.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/041401000fd24f1eb5e0487e883915c5.png" />Solana’s price could decline further to $107 if it falls below $115. Bitcoin has <a href="https://cryptosheadlines.com/terra-classic-lunc-and-terra-luna-prices-drop-10-reasons/" rel="noopener noreferrer nofollow">dropped over 10%</a>, trading at $53,270, while Solana has decreased nearly 17%. The overall crypto market value has fallen by 13%, down to $1.87 trillion. Despite the market downturn, trading volume has surged by 119.72%, reaching $142.44 billion.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/da791244a18444f281f563559b64c358.png" /><h3 id="solana-interest-rises-amidst-market-turmoil-and-japanese-stock-sell-off">Solana Interest Rises Amidst Market Turmoil and Japanese Stock Sell-Off</h3>Interest in Solana has been increasing as traders anticipate the launch of Solana ETFs in the U.S. However, recent drops in crypto prices are linked to a significant sell-off in the Japanese stock market, particularly the Nikkei 225 index, which fell by 7.1%.On August 2, Japanese bank stocks saw their worst performance since 2008, triggered by the <a href="https://cryptosheadlines.com/european-central-bank-chief-indicates-plans-for-interest-rate-increases/" rel="noopener noreferrer nofollow">central bank’s decision to raise interest rates</a>. This abrupt market downturn led to a massive $500 billion loss in the total crypto market capitalization over three days, marking the largest 72-hour decline in over a year.<h3 id="solana-dex-performance-amid-market-downturn">Solana DEX Performance Amid Market Downturn</h3>Despite the broader market decline, Solana’s decentralized exchange (DEX) protocols have shown strong performance. In July, Solana accounted for 30% of the total crypto DEX volume, surpassing Ethereum’s 28.12%. By the end of the month, <a href="https://cryptosheadlines.com/pyth-networks-pull-oracle-enhances-solanas-defi-ecosystem/" rel="noopener noreferrer nofollow">Solana’s DeFi ecosystem</a> processed $56.849 billion in transactions, outpacing Ethereum’s $53.867 billion.Currently, Solana (SOL) is trading at $121.58, reflecting a significant drop of 15.76% in the past 24 hours and 37.2% over the past week. If Solana’s price falls below $115, it could decline further to the $107 support level. Conversely, if it rises above $135, it might reach the $164 resistance level.<a href="https://cryptosheadlines.com/sec-lawsuit-amendment-boosts-solana-and-cardano/" rel="noopener noreferrer nofollow">Also Read: SEC Lawsuit Amendment Boosts Solana and Cardano</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/22a02287342d48a7b7513109bc459ae6.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/da791244a18444f281f563559b64c358.png" />Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

Solana Outpaces Ethereum in July; but Crypto Market Faces Major Downturn

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