Solana Surges To 4th Largest Cryptocurrency, Sets New Records In DEX Volume

The crypto market kicked off the new trading week on a bullish note, with Solana ($SOL) once again surpassing Binance Coin ($BNB) to become the fourth-largest cryptocurrency by market cap, reaching a peak of $193.

????JUST IN: $SOL reaches $193 pic.twitter.com/BwhEvE7W88

— SolanaFloor (@SolanaFloor) July 29, 2024

Notably, Solana also exceeded the combined 24-hour decentralized exchange (DEX) volume of Ethereum, Base, and Binance chains, achieving a new all-time high in DEX volume dominance at 42%. This dominance is just 5% shy of Solana’s March highs, and it seems likely that $SOL will set a new annual high this week.

????BREAKING: @solana surpasses the combined 24-hour DEX volume of the Ethereum, Base, and Binance chains.

Solana’s DEX volume dominance reached a new All-Time high at 42%. pic.twitter.com/RVyqKlZ8z9

— SolanaFloor (@SolanaFloor) July 29, 2024

Whales Are Actively Buying SOLANA $SOL In Large Quantities 

Today’s market overview shows that $SOL has been actively accumulated by key market participants, including Whales, Smart Money, and Smart DEX Traders, as reported by iCrypto.ai. Currently, $SOL ranks second in accumulation, just behind $ENS.

$SOL – Only 5% more and #Solana will return to its March highs ????

???? It is highly likely that @solana will set a new annual high this week. Overview of today, $SOL has been accumulated by all 3 labels: Whales, Smart Money, and Smart DEX Traders at https://t.co/kFF8LDtOJU… pic.twitter.com/urTaLUBi71

— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) July 29, 2024

Gradual accumulation signals for $SOL were first observed last week, with a primary price range between $177 and $185. In a noteworthy development, a significant wallet made another accumulation move five hours ago after a nearly two-month hiatus from $SOL.

Wallet 0x41db (icrypto.ai/wallet/0x41db8…), which previously acquired $264.4K worth of $WBTC ten days ago, has now swapped $102K worth of $WBTC for $SOL at a price of $189.5. This wallet had previously made a profit of $10.7K (+2.4%) with $SOL.

As the market continues to evolve, all eyes are on Solana as it aims for new heights in the crypto landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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