Solana Surpasses $150 with $4 Billion in Trading Volume – What Lies Ahead?

Solana (SOL) has experienced a surge in activity over the last two days, bouncing back from $110.58 to achieve an intra-day peak of $156.15 on Saturday.

The cryptocurrency has stopped its downward trend and regained bullish momentum. Various positive factors, including unprecedented trading volumes on Solana’s decentralized exchanges (DEX), have played a role in this upward movement.

As reported by Foresight News, data from DeFiLlama reveals that DEX trading volume on Solana has exceeded $4 billion in the last 24 hours, marking a new all-time high. Furthermore, Solana is at the forefront of major blockchains regarding the weekly transaction count.

#Solana’s swift recovery to $150 from Monday’s drop faces a potential hurdle: an upcoming death cross that may reverse gains.
Stay updated with #CryptoNews by following @CoinGapeMedia https://t.co/FwQvaT0kXW

— Crypto News (CoinGape) (@CoinGapeMedia) August 7, 2024

In the meantime, Solana (SOL) has emerged as one of the leading performers in the current cryptocurrency cycle, achieving a 20x increase from its bear market lows.

Noted crypto analyst Miles Deutscher suggests that the rally may be just starting, with the possibility of a 5-10x increase that could elevate SOL to $1,000. Additionally, Peter Brandt has forecasted that Solana (SOL) might surpass Ethereum (ETH) by 100% in the upcoming months.

Solana’s Record $4 Billion DEX Trading Volume Fuels Market Confidence and Bullish Momentum

As per the latest findings, DeFiLlama data indicates that Solana’s decentralized exchanges (DEX) have achieved a new milestone by exceeding $4 billion in trading volume within the last 24 hours. This achievement signifies a substantial increase in activity on Solana’s platform, reaching an all-time high.

The record trading volume highlights the rising interest and participation in Solana’s DEX ecosystem, reinforcing the bullish momentum for Solana (SOL) and emphasizing its growing significance in the cryptocurrency landscape.

This notable $4 billion trading volume not only enhances market confidence in Solana (SOL) but also potentially propels further bullish momentum and solidifies its standing in the crypto market.

According to the TOP 7 ICO, Solana leads the market with the highest transaction numbers. It has seen 245M transactions in the recent 7 days.https://t.co/JfT8E1eLJw

— Blockchain Reporter (@blockchainrptr) August 10, 2024

Consequently, the record $4 billion trading volume on Solana’s DEXs enhances market confidence in SOL, indicating strong engagement and driving further price increases and bullish momentum in the cryptocurrency sector.

Solana Tops Blockchain Market with Record Transaction Volume and Market Cap

A recent analysis by TOP 7 ICOs reveals that Solana leads the blockchain market with the highest transaction volume, recording 245 million transactions over the past week. Additionally, Solana has 1.68 million active addresses and a fully diluted market cap of $90.4 billion.

Following Solana, Tron reports 49.5 million transactions and 2.2 million active addresses, while Near Protocol has 42.6 million transactions and 2.85 million active addresses.

BNB Chain, Sei, SUI, Polygon, Injective, and Arbitrum also rank prominently, each exhibiting varying transaction volumes, active addresses, and market caps.

Solana (SOL) Price Poised For 5-10x Rally : Here’s https://t.co/38hysdIZEG

— Jannat Fatima (@coincoin786) August 10, 2024

This information underscores Solana’s dominance in transaction volume, reinforcing its leading position in the blockchain market. Such elevated activity and market cap enhance investor confidence, driving SOL’s price upward.

Solana’s Growth Potential: 20x Increase, $1,000 Target, and Upcoming Upgrades Boost SOL

Solana (SOL) is showcasing substantial growth potential, with an impressive 20x increase from its bear market lows. Analyst Miles Deutscher anticipates a possible 5-10x gain, which could elevate SOL to $1,000.

This optimism is fueled by Solana’s consistent performance, its prominent role in the DeFi sector, record-breaking Total Value Locked (TVL), and strong revenue generation. The forthcoming Firedancer upgrade is expected to significantly improve transaction speed, while increasing institutional interest and the potential approval of an SOL ETF could further enhance its price.

Currently trading at $153.59, Solana’s market cap is at $71.6 billion.

Solana (SOL) Price Poised For 5-10x Rally : Here’s https://t.co/38hysdIZEG

— Jannat Fatima (@coincoin786) August 10, 2024

This information highlights Solana (SOL) by emphasizing its growth potential, with a projected 5-10x increase and significant upgrades. Positive developments and institutional interest could further elevate SOL’s price.

Peter Brandt Predicts Solana (SOL) Could Outperform Ethereum (ETH) by 100%: SOLETH Ratio Signals Potential Gains

Peter Brandt predicts that Solana (SOL) could exceed Ethereum (ETH) by 100% in the upcoming months.

According to the SOLETH ratio, which assesses SOL’s performance relative to ETH, an increasing ratio suggests that SOL is gaining traction.

Currently at 0.059, Brandt anticipates a breakout at 0.11, indicating significant potential gains for SOL.

Trader Peter Brandt predicts $SOL may double the performance of $ETH in coming months, according to SOLETH ratio
Read Morehttps://t.co/Mhd8UDjivi

— Coin Eagle (@CoinEagle_com) August 10, 2024

Recently, SOL has risen by 12%, while ETH has decreased by 2.7%. Solana continues to demonstrate strong performance, leading in active addresses and DEX volumes, although Ethereum still maintains a higher total value locked (TVL) of $48 billion compared to SOL’s $4.9 billion.

Solana (SOL) Consolidates, Key Levels to Watch for Breakout

Solana (SOL) is presently trading at $154.22 on the 4-hour chart, with a crucial pivot point at $153.28. The immediate resistance is at $163.64, followed by additional resistances at $175.09 and $186.92. On the downside, immediate support is found at $150.31, with further supports at $141.86 and $131.35.

Solana Price Chart

Technical indicators are presenting mixed signals. The RSI is at 54.54, suggesting a neutral position but slightly favoring bullish territory. The 50-day Exponential Moving Average (EMA) is at $153.28, with the price hovering just above it, indicating potential for a continuation of the short-term bullish trend.

Given the current setup, Solana appears to be in a consolidation phase. A breakout above $163.64 could initiate further upward momentum, while a drop below $150.31 may indicate renewed bearish pressure.

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Presale and Future Prospects

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