Solana’s Journey to $500: SOL Trading Volume Soars to $2.5 Billion – Is It Poised to Overtake Ethereum?

The value of SOL has increased by 1% today, reaching $153.69, while the broader cryptocurrency market has experienced a decline of 0.5% over the last 24 hours.

Solana has risen by 8% over the past week and 18% over the month, with an impressive annual increase of 535%.

The current gains are accompanied by a 24-hour trading volume of $2.5 billion, indicating a strong demand for the altcoin.

As Solana anticipates updates and ongoing expansion, the SOL price is expected to continue its upward trajectory in both the near and distant future.

Solana’s Path to $500: SOL Volume Skyrockets to $2.5 Billion – Will It Surpass Ethereum Soon?

Following moderate declines in the previous week, Solana is regaining momentum, with indicators reflecting improved performance.

The RSI (purple) has risen from a low of 30 yesterday to nearly 60 today, suggesting that buyers are returning to the market.

Source: TradingView

A crucial level to monitor is around $155: if Solana can surpass this price, it will aim to break through its medium-term resistance, which currently sits just above $160.

Its ability to exceed $160 may be influenced by polling for the upcoming election, with recent improvements in Trump’s numbers fostering bullish sentiment.

Additionally, Solana has gained traction from the recent announcement that Grayscale has submitted an application to convert its multi-crypto digital fund – which includes SOL – into a fully operational ETF.

In the event of a Trump victory, SOL could continue to experience significant gains, along with the broader market.

However, Solana’s fundamentals appear robust enough that they may not require a Republican win for SOL’s price to keep rising over the long term.

BREAKING: IN SEPTEMBER SOLANA HAD MORE TRANSACTIONS THAN ALL OF THESE CHAINS COMBINED
– 1236 times more than ADA/Cardano
– 32 times more than Ethereum
– 25 times more than Aptos
– 8 times more than Base
– 4 times more than Tron pic.twitter.com/TRh9YcDRhV

— SolanaNews.sol (@solananew) September 25, 2024

For example, last month, Solana surpassed all of its competing layer-one networks in transaction volume, as traders and developers continued to utilize its network for trading and launching meme tokens.

With Jump Crypto developing the Firedancer client (which could potentially allow it to handle 1 million transactions per second), its utility as a layer-one blockchain is set to increase in the future.

In the event of a Trump win, SOL could reach $200 by the end of November and $250 by year-end.

New Small-Cap Alts May Rally Big

Clearly, SOL is expected to remain a strong performer in the near future, but the upcoming bull market will also introduce other, newer contenders.

We may also witness several presale coins perform well, especially those that have successfully completed token offerings.

One coin currently showing promise is the layer-two project Pepe Unchained (PEPU), which has raised over $20.4 million in its highly successful sale.

PEPU is going for GAINZ!!!
Ready to pump it? pic.twitter.com/K0z3wdFc0s

— Pepe Unchained (@pepe_unchained) October 17, 2024

This amount indicates that the market is increasingly optimistic about Pepe Unchained’s project, which is set to launch an L2 network for Ethereum in the coming weeks.

As a layer-two solution, its platform will facilitate fast transactions and minimal fees, including instant bridging between itself and Ethereum.

Its long-term vision is to establish an ecosystem for meme tokens, potentially drawing usage away from existing L2s like Base and Optimism, as well as from Solana.

One incentive for joining its network is that its scalability allows it to offer double the staking rewards compared to what would be available as a layer-one meme coin operating directly on Ethereum.

This could lead to significant demand for PEPU, which will also be essential for covering the network’s transaction fees.

A clear indicator of its popularity is that its official X account has now surpassed 50,000 followers.

This is very encouraging, as meme tokens typically perform in relation to the size and vitality of their communities.

Read More: Pepe Unchained Price Prediction

Investors can participate in PEPU’s sale at the coin’s official website, where it is currently priced at $0.0106 per token.

This price is expected to increase several more times before the sale concludes, after which it will be listed on trading platforms, where it appears poised for significant growth.

Buy PEPU Now

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