The purpose of the Solana protocol is to make the development of decentralized apps (DApps) easier. By adding a proof-of-history (PoH) consensus in addition to the blockchain’s underlying proof-of-stake (PoS) consensus, it seeks to increase scalability. With a $2.8 billion 24-hour trading volume, Solana’s (SOL) market capitalization is $83 billion. Last week saw a 6.4% spike in SOL.
As the excitement around Solana (SOL) decreases, DTX Exchange rises to prominence in the DeFi market. The platform is frequently referred to as a SOL killer and is being compared to Solana (SOL). When talking about DTX’s future, market analysts predict that Solana’s (SOL) 2021 gains will be replicated.
As the fourth quarter of 2024 gets underway, investors are braced for a surge on the DTX Exchange. According to market experts, DTX has the capacity to quickly transform hundreds into millions. With almost $6 million raised, the platform makes a spectacular debut in the fourth round of presale.
Many Whales Withdraw Solana (SOL) from Exchanges
Recent activity indicates that whales are significantly collecting $SOL, according to Lookonchain data. A well-known whale took out 153,511 $SOL, or around $26.4 million, from Binance over the last six days and then staked it. In only three days, another whale, EHax…gAUa, took out 35,498 $SOL, or almost $6.12 million, from both Binance and Kraken.
Since March, Solana’s price has been trading below a declining trendline, testing it as resistance many times until finding support at $120. A breakout at this level can start a big rally toward the all-time high as the price gets closer to the trendline resistance once more.
The greater accumulation of SOL by whales, who appear keen to take advantage of the possible upward movement, is probably explained by this scenario. Furthermore, the Relative Strength Index (RSI) is now at 64, indicating that the price still has opportunity to advance before hitting the overbought area. The RSI-based moving average is at 63, which might be used as a support level if prices retrace.
How Solana Price Went Up in 2021
The price of SOL peaked on November 6, 2021, at $259.52 and fell to its lowest price on May 11, 2020, at $0.503701. Since then, the price of Solana (SOL) has dropped from its peak to as low as $8.12 and as high as $208.75. Although it is currently getting traction once more, its pricing is still high compared to 2020.
Solana broke the previous record last week by collecting more than $1 million in transaction fees. Blockworks Research claims that this amount includes MEV tips given to validators as well as transaction fees with genuine economic value. Furthermore, it has been at the top of the daily trading volume for the past two weeks or so. On October 24, for example, transactions exceeded $2.6 billion.
Get the same profit from DTX Exchange (DTX) as from Solana in 2021
Since its DeFi status may be all the token needed to keep the crypto-verse stable, DTX Exchange (DTX) is the thing that everyone is searching for. The DTX coin is already in presale, and traders are clamoring for more. It is unclear how quickly the token will reach the huge jumps that analysts have predicted for DTX.
Your key to safe asset management is the DTX Unified Wallet. With unparalleled security, the all-in-one package supports over 100,000 financial products, whether you’re trading forex, stocks, or cryptocurrencies. The wallet, which is powered by the state-of-the-art VulcanX blockchain, allows for lightning-fast transactions while maintaining total control.
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