Ethereum (ETH) competitor Solana (SOL) is sustaining its upward momentum as it overtakes layer-2 scaling solution Polygon (MATIC) in daily decentralized exchange (DEX) volume.

New data from blockchain tracking platform Artemis reveals that the smart contract platform has surpassed MATIC in both overall DEX volume and the number of daily transactions.

Artemis’ data shows that as of yesterday, Solana had a DEX volume of about $240.5 million, outpacing Polygon’s $137.5 million.

The numbers also show that Solana greatly surpassed Polygon – and other digital assets such as ETH and Avalanche (AVAX) – in terms of daily transactions. Solana has seen millions more daily transactions compared to its competitors, logging 19.5 million on November 2nd compared to ETH’s 1.05 million, MATIC’s 2.59 million, and AVAX’s 192,000.

Another chart that displays Solana’s recent upward momentum is that of market cap. Since the start of October, SOL has been outpacing its competitors in terms of market cap, setting itself apart even further in November.

Solana’s growth has also been reflected in its price, as the smart contract platform has seen about a 300% increase in price since January 1, 2023, when it was trading for just $9.97. Solana is moving for $39.36 at time of writing, a fractional decrease during the last 24 hours.

Recently, two prominent crypto strategists commented on the rise of Solana First, macro guru Raoul Paul said that Solana resembled a “rocket ship” after the release of Firedance, a new validator client for the SOL blockchain that improved its scalability and speed.

Days later, pseudonymous crypto trader Pentoshi predicted that the ETH rival would retrace toward the $32 range – only to set up another move to the upside.

By admin

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