The Solana price (SOL) has gone up by 7% in the past 24 hours just a day after Bybit – one of the world’s largest crypto exchanges – launched a new decentralized trading platform built on this blockchain.
Ben Zhou, the exchange’s CEO, shared details about the project on his X account. Byreal is the name of this new decentralized exchange (DEX) that will start to operate by the end of the month.
Zhou emphasized that Byreal combines “CEX-grade liquidity with DeFi-native transparency.” It will offer low slippage and prevent miners’ manipulation through MEV protection.
Byreal will directly compete with leading decentralized solutions within the Solana ecosystem like Raydium, Orca, and PumpSwap.
The token’s significant uptick in the past day indicates how excited market participants are for the news as it could attract significant transaction volumes to this blockchain. The news favors a bullish Solana price prediction.
Solana DEX volumes in the past 24 hours stood at $1.8 billion while they rose by 10.2% in the past 30 days to $77.43 billion according to data from DeFi Llama.
The above-mentioned three DEXs account for more than three-quarters of that total with Raydium leading the pack with a 29% market share.
Looking at the daily chart, Solana (SOL) has bounced for a third time off the $140 level in the daily chart to solidify the importance of this key threshold. Meanwhile, trading volumes in the past 24 hours have nearly doubled.
The price has hit a key resistance at $155. This level acted as a ceiling for the price action previously. If SOL breaks out above this threshold and retests it from above it will confirm a clear runway to $185.
Momentum indicators favor a bullish outlook as the Relative Strength Index (RSI) has jumped above the 14-day moving average.
As the Solana network prepares to receive higher transaction volumes from Byreal, the need for a scaling solution like Solaxy (SOLX) is more evident than ever. This is one of the hottest crypto presales of the year and it is about to end.
Solana has struggled to keep up with rising transaction volumes during peak usage periods like January this year when TRUMP and MELANIA were launched.
Solaxy (SOLX) is a layer-2 scaling protocol for the Solana blockchain that bundles transactions offline in a side chain to alleviate the mainnet’s burden.
The developing team has already launched the Solaxy testnet and will launch the mainnet this month. A block explorer is available so investors can check the solution’s performance in real time before its official rollout.
With just 2 more days ahead before the end of its successful presale, this is the last opportunity that investors will have to grab $SOLX at its heavily discounted presale price of $0.001764.
This token will see a spike in its demand once the solution is embraced by top wallets and exchanges. In addition, the project offers attractive staking rewards that currently sit at 80%.
To buy $SOLX, simply head to the Solaxy website and connect your wallet (e.g. Best Wallet). You can either swap USDT or SOL or use a bank card to invest.
