Famed for its proof-of-history consensus mechanism and growing decentralized finance (DeFi) space, Solana continues to take center stage in the crypto sector.
As a result, Solana sees heightened network activity as a stepping stone toward heightened price levels this October as the fifth-largest cryptocurrency enjoys a monthly surge of 10%.
Per CoinGecko’s data, SOL hovered around the $140 level, with all eyes set on surging to the psychological price of $150.
Part of what Solana is backing on is its growing DeFi dominance, given that its decentralized exchange (DEX) volume recently elbowed that of Ethereum, according to DefiLlama data.
Solana’s weekly DEX volume surged to $9.112 billion compared to Ethereum’s $9.094 billion, suggesting that SOL is favored due to its low cost and fast network.
Commenting on this development, Blockworks Research’s Ryan Connor, pointed out, ”The most interesting and consequential milestone in crypto markets today. Solana has surpassed Ethereum in trailing 30-day DEX volume for the first time ever. It is now the most used chain by that measure.”
Solana Expected to Reap Big if Donald Trump Wins U.S. Election
With an annual gain of 534%, Solana continues to stamp its authority as one of the top crypto gainers.
As a result, financial giant Standard Chartered believes Solana will be destined for greater heights if Donald Trump wins the U.S. election next month.
Based on this prediction, SOL is expected to experience a 5x jump, elbowing Ethereum (ETH) and Bitcoin (BTC) with a 4x and 3x surge, respectively.
Meanwhile, the Solana community recently came out with guns blazing after Edward Snowden claimed the network was centralized.
