Solana (SOL) has achieved a notable milestone by surpassing Ethereum (ETH) in 24-hour decentralized exchange (DEX) volume, as reported by DefiLlama. This development coincides with BitMEX co-founder Arthur Hayes' optimistic projection for Solana's rally following the crisis at New York Community Bank (NYCB).
Solana's performance in the DEX landscape has seen it outpace Ethereum in daily volume, with Solana's daily DEX volume reaching $1.461 billion compared to Ethereum's $1.443 billion. While Solana's weekly volume is slightly behind Ethereum at $5.518 billion against Ethereum's $7.971 billion, the daily volume highlights its dynamic growth in the decentralized finance (DeFi) sector.
Arthur Hayes anticipates a potential price rally for SOL following the crisis at NYCB, which reported a 40% loan loss. NYCB's stock has experienced significant declines, and Hayes speculates that the Federal Reserve's likely intervention to inject liquidity into the financial sector could trigger a widespread market rally, benefiting cryptocurrencies, particularly SOL.
As of the latest update, SOL is trading around the $99-$100 range, recording over 4.40% in the last 24 hours with a trading volume of $2.6 million. Despite Solana's tumultuous market journey marked by price swings, it has demonstrated resilience and sustained a price indicative of investor confidence.
SOL 1-Day Data. Photo: CoinMarketCap
Hayes' optimistic outlook, coupled with the recent increase in Solana's price, suggests potential positive developments for the cryptocurrency in the market. The ongoing battle for dominance in decentralized exchanges adds an intriguing dynamic to the evolving DeFi landscape.
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