SOL Looks Set to Outperform BTC as Solana-Based DEXs Register Record $41B in Trading Volume: Godbole

The bullish technical setup is backed by record trading volumes on Solana-based decentralized exchanges (DEXs).

Solana (CRYPTO: SOL) is likely to outperform Bitcoin (CRYPTO: BTC) in the coming months, as evidenced by a bullish technical setup and record trading volumes on Solana-based decentralized exchanges (DEXs).

What Happened: The SOL/BTC ratio rose over 1% last week, breaking out of a narrowing price range known as triangular consolidation. This technical setup usually indicates the start of a strong price move.

The breakout suggests that the bulls are finally stepping in to drive the price action, after eight months of a standoff between bulls and bears. A sustained uptrend is now more likely.

The Moving average convergence/divergence (MACD) histogram, an indicator used to identify trend changes and strength, has crossed above zero. This indicates a renewed bullish shift in momentum.

Solana Surges on DEX Trading Volume: Key Levels to Watch for SOL/BTC Ratio

Solana’s narrative is getting stronger, and it's backed up by the numbers. Solana-based DEXs have seen a cumulative trading volume of $41.6 billion in the seven days to Nov. 17, according to data from Artemis. This is more than double the volume in the previous week and the highest on record.

Solana's DEX trading volume alone was higher than the combined DEX activity on Ethereum, BNB Chain and BSC, which totaled $37.9 billion. Of this, Ethereum accounted for $14.3 billion while the other two chains each had over $11 billion.

Solana also continues to outcompete its rivals in terms of revenue despite being known for being relatively cheaper than Ethereum. For example, Solana-based decentralized exchange Raydium generated $72.83 million in seven days – 8% more than Ethereum's $67 million, according to DefiLlama. BTC, meanwhile, has generated a fee revenue of around $15 million in seven days.