This Solana DEX surges past Uniswap: All you need to know

In the past 24 hours, the trading volume of Solana's DEX, Jupiter, has surpassed that of Uniswap. This surge is largely attributed to Jupiter's recent WEN token airdrop, which has led to increased daily trading volume and transaction fees on the Solana network. However, despite this boost, SOL's price has remained sideways, with technical indicators suggesting continued bearish sentiment among traders.

• The trading volume of Solana’s DEX, Jupiter, surpassed Uniswap in the past 24 hours.
• The SOL market remained plagued by bearish sentiments as the price moved sideways. 

Solana [SOL]-based decentralized exchange (DEX) Jupiter saw its trading volume climb significantly in the last 24 hours, surpassing Ethereum [ETH]-based Uniswap [UNI], according to data from CoinGecko.

According to the data provider, Jupiter’s trading volume has totaled $517 million in the last 24 hours, capturing an 18.1% market share of the total DEX trading volume of $3 billion traded during the same period.

Uniswap trailed behind with a trading volume of $443 million and a 15% market share of the total DEX trading volume. 

Source: CoinGecko

The surge in Jupiter’s trading volume has been fueled by the recent WEN token airdrop, which the aggregator conducted as a large-scale test of its new launchpad, which will be used for its own token airdrop on the 31st of January.

WEN: 31st of Jupuary 10am EST

On the 1st of Jupuary, we outlined the main areas of work as we aim to get to launch. https://t.co/PORf6v5apt

We have been right on schedule executing on all these, and we are happy to share that JUP will launch on 31st of Jupuary, 10am EST.… pic.twitter.com/fIhDg0H1Pu

— meow ? (@weremeow) January 15, 2024

Any win for Solana?

Since the WEN token airdrop on the 26th of January, there has been a surge in daily trading volume on the Solana network, data from DefiLlama revealed.

Within two days, daily trading volume on the Layer 1 (L1) blockchain increased by 8%. 

As eligible users scampered to claim their WEN tokens on the day of the airdrop, total transaction fees on the Solana network recorded a single-day rally of 32%.

On that day, transaction fees totaled $535,000, the chain’s highest since the 27th of December 2023. However, since the high recorded three days ago, total transaction fees have dropped by 5%.

Further, the chain’s daily revenue followed a similar trend as it rallied to a one-month high of $288,000 when the WEN airdrop was completed. This has also logged a 5% pullback in the past three days. 

Source: DefiLlama

As for the network’s native token SOL, its value has climbed by 11% since the 26th of January, data from CoinMarketCap showed.

At press time, the fifth-ranked crypto asset by market capitalization exchanged hands at $98. 

Due to the general market consolidation in the past two weeks, SOL’s 20-day exponential moving average ($93.45) and its 50-day small moving average ($93.40) have flattened out.

Likewise, the coin’s Relative Strength Index (RSI) rested slightly above the midpoint at 54.97 at press time. These indicated an equilibrium between buyers and sellers. 

Source: SOL/USDT on TradingView

However, readings from the coin’s Directional Movement Index (DMI) and Moving Average Convergence Divergence (MACD) indicators revealed that sentiment remained significantly bearish.

Is your portfolio green? Check out the SOL Profit Calculator

At press time, the coin’s positive directional index (green) rested below its negative directional index (red).

Likewise, SOL’s MACD line was spotted below its trend line, suggesting that selling pressure exceeded buying activity among daily traders.