Solana Price Analysis: Will Solana’s Bull Run Push It to $1,400 After Beating ETH?
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Last updated:
October 15, 2024 17:53 EDT
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Joel Frank
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Joel Frank
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Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology…
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October 15, 2024 17:53 EDT
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Solana Price Analysis: Will Solana’s Bull Run Push It to $1,400 After Beating ETH? / Source: Cryptonews
The Solana (SOL) price may have reversed sharply from its intra-day highs near $160, but the market-leading crypto is looking up.
Solana
, a layer-1 blockchain famed for its speed and low cost of use, is experiencing strong growth in on-chain activity thanks to
Solana meme coin
trading activity.
The blockchain’s on-chain growth is such that Solana-based DEX trading volumes have exceeded that of the
DEX volume
on Ethereum over the past 24 hours and seven days.
Ethereum
is widely seen as the leading smart-contract-enabled layer-1 blockchain.
According to DeFi Llama, its 24-hour DEX volume was $1.819 billion, and volumes have clocked in at $8.957 billion in the past seven sessions.
By contrast, Solana has seen $1.858 billion in DEX volumes in the past 24 hours and $9.52 billion in the past seven sessions, per
DeFi Llama
.
This isn’t the first time Solana has surpassed
Ethereum
regarding weekly DEX volumes.
Solana DEX Activity Catches Up to Ethereum
According to a chart from
The Block
, Solana’s weekly DEX volumes briefly surpassed Ethereum’s in July and August.
This is a major milestone for Solana. Throughout most of 2023, Solana would normally clock in only a few percent of the DEX volumes seen on the Ethereum volume.
Now, it is a neck-and-neck
DeFi
competitor.
That suggests that Solana might be undervalued, given its market cap of around $72 billion, only around 23% of Ethereum’s market cap of $311 billion.
Will Solana Price Push It to $1,400 After Beating ETH?
So, does Solana’s strong DEX volume rise suggest it’s on the verge of a major rally?
Could it even 10x from current levels to reach above $1,400?
Well, things are looking good.
From a fundamental standpoint, the mood in crypto markets is improving. Betting markets show a rising likelihood that pro-crypto US presidential candidate
Donald Trump
is becoming the ever-stronger favorite to win
next month’s election
.
The Trump trade can potentially lift major coins like Solana back to yearly highs.
Technicals are telling a similarly bullish story.
The Solana price has formed an ascending triangle in recent months, with resistance at $160.
A strong rally back above $200 is likely when this level goes.
Solana could then 3-5x over the coming year. And if it can maintain its spot as a dominant DeFi chain, then it could definitely reach $1,400 in the long run.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.