The News Crypto -
- At the time of writing, SOL is trading at $136.58, down 9.86% in the last 24 hours.
- If the price manages to go below $132 level, then it will likely fall towards $127 level.
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 Ethereum 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.
Bear Dominance
After six days, it is fair to say that things have been somewhat hectic. While Solana 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&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.
This content was originally published on The News Crypto
