Solana Price Outlook: Solana DEX Volumes Flip Ethereum Again – Can SOL Overtake Ethereum
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
It’s been a rough start to October for SOL, with the Solana price down roughly 8% already as Middle Eastern tensions ramp up.
The Solana price fell back to the mid-$140s on Monday after surpassing $160 last week and was last just above its 50DMA at $146.
Fears that a full-blown war between Iran and Israel might break out may keep crypto markets on the defensive in the near term.
But risks that the Solana price could experience a major bullish breakout in the coming are growing.
That’s because, despite SOL price turmoil, the Solana ecosystem performs exceedingly well.
Per DeFi Llama data, trading volumes on Solana’s DEXs continue to pick up following an August to mid-September lull.
For the last three days, volumes have been around $1.5 billion, surpassing those on Ethereum at one point.
In 2024, Solana established itself as one of the best and most user-friendly blockchains for DeFi users and DEX traders.
Its fees are substantially lower than on Ethereum, and its transactions are substantially faster.
Assuming risk appetite returns to crypto markets later this Q4 as global central banks continue to ease, Solana could perform very strongly.
Could it overtake Ethereum?
The Solana price remains wedged well within its multi-month $120-$200ish range.
However, a breakout toward its 2021 record high at $260 could quickly come later this year.
A breakout above record highs would kickstart a new price discovery process, and Solana’s potential would be unlimited.
Meanwhile, Ethereum (ETH), last at $2,446, remains substantially below its 2021
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