The Solana network continues leading the decentralized exchange (DEX) market in trading volume, surpassing other blockchains. However, its native token SOL is struggling to reach the $200 level.
Record DEX Trading Volumes on Solana
Solana has held the lead in DEX trading volumes for the third consecutive month. In December, the trading volume reached $105 billion, following $52.49 billion in October and $129.73 billion in November.
Comparisons with Other Blockchains
Other blockchains like Ethereum and BSC show lower trading volumes. October, November, and December saw Ethereum's trading volumes at $41.4, $70.3, and $81 billion respectively, while BSC came second in December with $99 billion. Solana also ranks as the second-largest blockchain in terms of total value locked (TVL).
SOL Token Price: Current Challenges
Despite trading volume success, SOL, the native token of Solana, faces challenges in reclaiming the $200 mark, having dropped 5% in value over the last 24 hours.
Solana showcases significant achievements in DEX trading volumes, strengthening its position among blockchain platforms. However, the future of its SOL token price remains uncertain amidst recent market fluctuations.
