• Solana was the best DEX buying and selling quantity blockchain for 3 consecutive months.
• In December, blockchain networks recorded $105 billion in DEX buying and selling quantity.
• SOL was aiming to regain the $200 value stage, however failed because it plunged 5% in 24 hours.

The Solana blockchain has eclipsed all different blockchain networks, together with Ethereum, when it comes to decentralized trade (DEX) buying and selling quantity over the previous three months. Nonetheless, SOL, the native token of the Solana ecosystem, struggled to regain the $200 value stage because it crashed 5% up to now 24 hours.

In response to information from DefiLiama, Solana's DEX buying and selling quantity reached $52.49 billion in October, $129.73 billion in November, and $105.05 billion in December, whereas Ethereum's DEX quantity reached $41.4 billion in October. greenback, reached $70.3 billion in November and $81 billion in December.

Specifically, Ethereum ranked first when it comes to DEX buying and selling quantity in September, however moved to 3rd place in December. In second place was Binance's BSC Chain, with a buying and selling quantity of $99 billion. Nonetheless, Solana ranks because the second-largest blockchain when it comes to network-wide complete worth locked (TVL) at $8.58, forward of Ethereum and Tron.

Solana's rise to dominance is essentially as a result of development of the Pump.enjoyable platform, a meme coin generator. Bonk (BONK), dogwifhat (WIF), and Pudgy Penguins (PENGU) are a few of the platform's merchandise. Specifically, PENGU is the most important meme coin on the Solana blockchain.

Moreover, the elevated adoption of Jupiter (JUP), a decentralized trade aggregator on Solana, additionally contributed to the community's important development.

SOL value evaluation

Final month, SOL hit a brand new all-time excessive, hitting $263.83. Nonetheless, on the time of writing, the altcoin is buying and selling at $188.77, down virtually 5% over the previous 24 hours and 27.15% under ATH, giving it a market cap of $90.53 billion.

The Relative Energy Index (RSI) worth for SOL is 38.64, which implies that the bears have taken over the value motion of Solana token, and the slope of the road implies that Bitcoin couldn’t maintain $99,000, inflicting the value to plummet additional. It exhibits that it’s attainable. The general market correction continues over the previous 24 hours.