As a seasoned analyst with over a decade of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. The recent development where Solana has overtaken Ethereum in weekly and daily DEX volume is a significant milestone that could potentially reshape the landscape of the decentralized finance sector.
It’s been observed that Solana has surpassed Ethereum in weekly and daily trading volume on Decentralized Exchanges (DEX), a move that bolsters expectations that SOL could surpass ETH or contest its supremacy in this market cycle. Notably, crypto analyst Titan of Crypto foresees the price of Solana potentially reaching $1,400 during this bull run.
Solana Overtakes Ethereum In DEX Volume
According to Artemis data, Solana has surpassed Ethereum as the top chain for decentralized exchange (DEX) trading volume on a weekly and daily basis. In the past week, Solana has seen a whopping $8.6 billion in trading volume, with $1.3 billion traded in the last day alone. Meanwhile, Ethereum follows closely behind with a weekly trading volume of $8.2 billion and a daily volume of $772 million.
This measurement monitors trading activity across all decentralized exchanges (DEXs) on these particular networks. Consequently, this advancement carries significance because it suggests that Solana is garnering more user attention than Ethereum. These underlying factors also bolster optimism about the price of Solana, as this continued pattern could stimulate crypto rallies.
This growth has sparked additional discussions about whether Solana might surpass Ethereum or contest its supremacy within the current market phase. While Ethereum is renowned for hosting the leading DeFi protocols, a storyline that significantly increased ETH‘s value during the 2021 bull run, there are signs that this narrative could shift. Under such circumstances, Solana might emerge as the contender in this cycle and potentially challenge Ethereum’s position as the second-largest cryptocurrency by market capitalization.
Analyst Forecasts SOL To Hit $1,400
According to well-known cryptocurrency expert Titan of Crypto, it’s anticipated that Solana’s value could soar up to $1,400. This prediction is based on the analyst’s observation that a large Bull Flag pattern might be forming for SOL in the near future, suggesting potential significant price growth.
As an analyst, I’d rephrase it like this: After experiencing a notable surge, I notice that the asset I’m studying has entered a phase of consolidation – a ‘Bull Flag’ pattern. This is a sign that the market is preparing for an uptrend, suggesting a potential breakout to higher prices. The consolidation period, following the initial rise, acts as a sort of breather or pause in the upward momentum.
Last year, I witnessed an incredible surge in the value of Solana (SOL), with its price skyrocketing by more than 1,000%. Naturally, after such a significant rally, a consolidation phase seemed inevitable – a time to catch my breath and stabilize before potentially continuing its upward trajectory.
According to the analyst’s graph, the Solana (SOL) price is projected to reach a peak within the range of April 2024 to July 2025, which may serve as the coin’s highest point in this bull market. Interestingly, based on the chart, it seems that SOL might not exceed its previous record high of $260 until late 2024 or early 2025. In the interim, SOL could climb to around $180 by the end of October.
Solana Price Analysis: SOL Consolidation Hints At Bull Rally
Right now, Solana’s price hovers above its 20-week moving average (Exponential Moving Average), following a six-month period of stability between the $120 and $200 price range since April. The 20-week EMA plays a crucial role in identifying a cryptocurrency’s broader trend direction.
As an analyst, I find it noteworthy that the price of this cryptocurrency is currently hovering above its moving average, suggesting a bullish trend and impending growth. Consistently closing above this 20-week moving average could potentially trigger a significant surge in the coin’s value, indicative of a powerful breakout rally. This observation aligns with the prediction made by the Titan of Crypto, who anticipates that the next phase of growth will follow the formation of a Bull Flag.
Looking at both its fundamental and technical aspects, it’s clear that the Solana price points toward an optimistic future. Notably, Ethena has revealed intentions to keep SOL as a reserved asset. This underscores the strong adoption the coin is experiencing.
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2024-10-14 19:50