Close Menu
Nabka News
  • Home
  • News
  • Business
  • China
  • India
  • Pakistan
  • Political
  • Tech
  • Trend
  • USA
  • Sports

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

Global companies eye digital, green supply chain-Xinhua

July 20, 2025

BSEK puts off automated paper checking

July 20, 2025

BSEK puts off automated paper checking

July 20, 2025
Facebook X (Twitter) Instagram
  • Home
  • About NabkaNews
  • Advertise with NabkaNews
  • DMCA Policy
  • Privacy Policy
  • Terms of Use
  • Contact us
Facebook X (Twitter) Instagram Pinterest Vimeo
Nabka News
  • Home
  • News
  • Business
  • China
  • India
  • Pakistan
  • Political
  • Tech
  • Trend
  • USA
  • Sports
Nabka News
Home » Solana DEX Trading Volume Plummets: Is SOL Facing a Bearish Trend?
Trend

Solana DEX Trading Volume Plummets: Is SOL Facing a Bearish Trend?

i2wtcBy i2wtcMay 27, 2024No Comments3 Mins Read
Share Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp Copy Link
Follow Us
Google News Flipboard Threads
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link


  • Solana DEX trading volume fell from over $1.5 billion to $984 million due to a decline in meme coin trading.
  • SOL has fallen from a peak of around $190 to $161.49, with open interest also declining.

Solana Blockchain’s decentralized exchange (DEX) saw a noticeable drop in daily trading volume. On May 26th, Artemis The dashboard showed that trading volume had fallen to $984 million, a significant drop from over $1.5 billion in trading volume three days prior. The drop contrasts with Solana’s performance in April, when DEX volume hit a monthly record high of $60 billion.

The recent drop in trading volume can be attributed to a decline in interactions with meme coins issued on the Solana network. Previously, a surge in meme coin trading had driven trading volumes to unprecedented levels. However, as the meme coin craze subsided, so did the volume. Solana decentralized exchange.

Decreasing open interest signals a potential downtrend

Another key indicator of Solana’s potential decline is the open interest (OI) on the network. According to data from Santiment, Solana’s OI has fallen to $1.9 billion from approximately $2.2 billion on May 20. Open interest measures the total value of all open positions within a contract. An increase in OI typically indicates a bullish trend as more capital is flowing into the market. Conversely, a decrease in OI indicates liquidity is being withdrawn, indicating a bearish trend.

The decline in Solana’s OI suggests weakening market sentiment. As liquidity evaporates from SOL contracts, the likelihood of an uptrend decreases. This decline in OI correlates with a decline in the price of SOL, which rose to $188.45 when the OI was high. If the current trend continues, SOL could fall further and reach $145.90.

Bullish forecasts and strong market performance

Crypto analyst trader Tardigrade has made a bold prediction about Solana’s future price trajectory. Tardigrade’s analysis highlights that Solana has recently broken out of a consolidation pattern, suggesting a possible rise towards the $1,000 level. This optimistic outlook comes as SOL is trading at $170, indicating significant growth potential.

Macro Structure $sol 🔥#Solana It has broken out of the second triangle off the recent bottom and is heading towards $1000 🚀
Have you heard of it? #SocialFi upon #Solana?
It’s interesting that now you can share images with your friends via private messages (wallet 👛 to wallet 👛) via the blockchain… pic.twitter.com/yoSnLK9dSs

— Trader Taldigrade (@TATrader_Alan) May 23, 2024

Tardigrade’s prediction is supported by Solana’s strong market performance. Despite short-term fluctuations, including a 4.50% drop in the past 24 hours and a 1.30% drop in the past week, the overall outlook for SOL remains positive. The cryptocurrency’s ability to hold support levels amid market volatility highlights its strength and investor confidence.

Solana DEX Trading Volume Plummets: Could SOL Be Headed for a Downturn?

This drop in trading volume also affected Solana’s native token, SOL. At the time of reporting, the price of SOL was $165in 24 hours 2%It hit a high of nearly $190 just a few days ago, but is now falling. Closely related to meme coin tradingAs many meme coins require SOL to trade, SOL is on the rise. Also, the market cap increased by 5% to $74,467,605,568. The recent approval of the long-awaited Ethereum ETF is expected to have a positive impact on the entire altcoin market, including Solana.

This bullish sentiment across the market could drive the price of SOL higher.Ethereum ETF Approval Not only does this signify greater institutional trust in the cryptocurrency market, but it also paves the way for other blockchain projects to gain mainstream attention.





Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp Copy Link
i2wtc
  • Website

Related Posts

Trend

OpenAI says it will use Google’s cloud for ChatGPT

July 16, 2025
Trend

Nvidia CEO wants to sell advanced chips to China after H20 ban lifted

July 16, 2025
Trend

ASML Q2 2025 earnings report

July 16, 2025
Trend

Amazon-backed Anthropic rolls out Claude AI for financial services

July 15, 2025
Trend

How deepfake AI job applicants are stealing remote work

July 11, 2025
Trend

Vanguard, BlackRock deliver market plays for 2025’s second half

July 9, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

Global companies eye digital, green supply chain-Xinhua

July 20, 2025

House Republicans unveil aid bill for Israel, Ukraine ahead of weekend House vote

April 17, 2024

Prime Minister Johnson presses forward with Ukraine aid bill despite pressure from hardliners

April 17, 2024

Justin Verlander makes season debut against Nationals

April 17, 2024
Don't Miss

Trump says China’s Xi ‘hard to make a deal with’ amid trade dispute | Donald Trump News

By i2wtcJune 4, 20250

Growing strains in US-China relations over implementation of agreement to roll back tariffs and trade…

Donald Trump’s 50% steel and aluminium tariffs take effect | Business and Economy News

June 4, 2025

The Take: Why is Trump cracking down on Chinese students? | Education News

June 4, 2025

Chinese couple charged with smuggling toxic fungus into US | Science and Technology News

June 4, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

About Us
About Us

Welcome to NabkaNews, your go-to source for the latest updates and insights on technology, business, and news from around the world, with a focus on the USA, Pakistan, and India.

At NabkaNews, we understand the importance of staying informed in today’s fast-paced world. Our mission is to provide you with accurate, relevant, and engaging content that keeps you up-to-date with the latest developments in technology, business trends, and news events.

Facebook X (Twitter) Pinterest YouTube WhatsApp
Our Picks

Global companies eye digital, green supply chain-Xinhua

July 20, 2025

BSEK puts off automated paper checking

July 20, 2025

BSEK puts off automated paper checking

July 20, 2025
Most Popular

Australia accuses China of dangerous behavior as fighter jet fires flare into helicopter’s path

May 7, 2024

China trade statistics will be released in the future.Japan’s real wages fall again

May 9, 2024

As mainland China steps up patrols around Kemoi, which is controlled by Taipei, Taiwan sees growing concerns and fewer options.

May 11, 2024
© 2025 nabkanews. Designed by nabkanews.
  • Home
  • About NabkaNews
  • Advertise with NabkaNews
  • DMCA Policy
  • Privacy Policy
  • Terms of Use
  • Contact us

Type above and press Enter to search. Press Esc to cancel.