Some analysts are predicting the prospect of Solana surpassing Ethereum as the market advances, due to SOL’s faster transactions and lower fees. However, Solana is not the only contender to watch out for at the moment. Another hot contender is Lunex Network and it is gradually gaining market recognition due to its unique DeFi features. Taking strongholds on security, privacy, and interoperability, Lunex Network is poised for 1,000x growth, making it a top competitor alongside Solana and Ethereum in the race for dominance.
Solana’s On-Chain Data Signals a Strong Recovery Despite 2% Dip
Solana (SOL) dropped by 2% on Wednesday to $176, halting a four-day rally driven by Bitcoin’s (BTC) climb toward a near all-time high. Despite the dip, the broader outlook for Solana remains strong, with both on-chain data and technical analysis suggesting the uptrend could resume.
According to DappRadar, key metrics such as trading volume, transactions, and active wallets have all seen an uptick over the past five days. SOL’s trading volume rose from $126.46 million on October 26 to $163.09 million on October 29, peaking at $341.1 million on October 25.
Price-wise, Solana hit a three-month high of $183.38 on Tuesday before pulling back. If bullish momentum continues, SOL could aim for the lower boundary of the Fair Value Gap (FVG) around $192.24 to $193.69, representing a potential 9% gain from current levels.
Ethereum Struggles to Regain Momentum as Solana Leads the Way
Ethereum investors have been on edge as Solana emerges as Ethereum’s largest rival in Layer-1. Since March, when Ethereum surpassed $4,000, its price has struggled, with losses also recorded against the US dollar, SOL, and other major cryptos.
Ethereum extended its winning streak to $2,373, with a 1.3% increase on October 30. Although altcoins like Bitcoin and SOL are nearing their ATH, Ethereum remains almost 45% below its all-time high of $4,878. Ethereum’s DeFi Total Value Locked (TVL) increased 4.96% to $50.2 billion, below its 2021 high of $106 billion.
To push Ethereum higher, buyers will need to hit resistance at $USD 2,696. Should they hold, a break above could trigger additional gains, with the next target at $2,720.
Lunex Network’s Winning DeFi Formula
Lunex Network (LNEX) is an upcoming decentralized finance (DeFi) platform centered on user privacy, speed, and low prices. A unique thing about Lunex Network is it’s no KYC policy, meaning users keep control of their assets and keys without having to submit to any ID verification.
Reduced transaction fees and quick processing times attract investors’ attention to Lunex Network. The Network is operating with an Automated Market Maker (AMM) model for more than 50 thousand trading pairs, offering sufficient depth for high-frequency trading.
Lunex Network’s Defi wallet is a one-stop wallet meaning that users can hold all their assets in their wallets without using third-party apps such as Metamask. Additionally, Lunex Network’s deflationary tokenomics that include regular token buybacks reduce the circulating supply as time passes and enhance $LNEX’s long-term value proposition.
To further attract investors, Lunex Network offers up to 18% APY in staking rewards, encouraging users to hold onto their tokens for maximum returns. The $LNEX presale has already raised over $1.5 million, showing significant interest from the market.
With its token priced at just $0.0019, Lunex Network is positioning itself as a contender in the DeFi landscape, and investors have a limited window to get in before the next price surge.
You can find more information about Lunex Network (LNEX) here:
Website: https://lunexnetwork.com
Socials: https://linktr.ee/lunexnetwork
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