Solana has overtaken Ethereum in weekly and daily DEX volume, a development that has further strengthened predictions that SOL could flip ETH or challenge its dominance in this cycle. Interstingly, crypto analyst Titan of Crypto has predicted that the Solana price can rise to as high as $1,400 in this bull run.
Solana Overtakes Ethereum In DEX Volume
Artemis data shows that the Solana network has overtaken Ethereum in weekly and daily decentralized exchange (DEX) volume to rank number one above all chains. Solana has witnessed a trading volume of $8.6 billion in the last seven days and $1.3 billion in the last 24 hours. At the same time, Ethereum has come in second place with a weekly trading volume of $8.2 billion and a daily trading volume of $772 million.
This metric tracks the trading volume witnessed on all DEXs on these networks. Therefore, this development is significant as it indicates that Solana is generating more user interest than Ethereum. Such fundamentals are also bullish for the Solana price since this sustained trend could help trigger rallies for the crypto.
This development has also fuelled further conversations that Solana could flip Ethereum or challenge its dominance in this market cycle. Ethereum is known to boast the top DeFi protocols, a narrative that boosted the ETH price during the 2021 bull run. However, with that narrative looking to change, SOL could easily be the runner in this cycle and threaten ETH’s position as the second-largest crypto by market cap.
Analyst Forecasts SOL To Hit $1,400
Crypto analyst Titan of Crypto has predicted that the Solana price can reach $1,400. The analyst explained that a “massive Bull Flag” might be unfolding for SOL in the coming weeks and months, which indicates that the crypto could reach this price level.
A Bull Flag is a bullish chart pattern that shows that the asset in question is primed for a breakout to the upside, having consolidated for a while. This consolidation period usually comes after a sharp rise and serves as a cooling-off period.
SOL was one of the largest gainers last year, with a price gain of over 1,000%. As such, this consolidation period was to be expected, considering how much it pumped last year.
The analyst’s accompanying chart showed that the SOL price could reach this target between April and July 2025, potentially marking the top for the coin in this bull run. Meanwhile, from the chart, the crypto might not surpass its current all-time of $260 until year-end or the beginning of 2025. In the mean time, SOL could hit $180 by October end.
Solana Price Analysis: SOL Consolidation Hints At Bull Rally
The Solana price is currently sitting above the 20-week EMA (Exponential Moving Average) after consolidating for six months since April between the $120 and $200 range. The 20-week EMA is essential for determining a crypto’s long-term trend.
Therefore, SOL sitting above this moving average indicates that the crypto is in bullish territory and is ready for its next leg up. A continuous close above this 20-week MA could eventually lead to a massive breakout rally for the coin. This aligns with Titan of Crypto’s prediction, as the next leg up will likely come after the Bull Flag has formed.
From a fundamentals and technical analysis perspective, the Solana price undoubtedly boasts a bullish outlook. It is worth mentioning that Ethena recently announced plans to use SOL as a reserve asset. This again highlights the impressive adoption that the coin is enjoying.
Frequently Asked Questions (FAQs)
It indicates that the SOL is currently enjoying more demand than ETH.
Nothing is certain but the Solana price will have to outperform the Ethereum price by over 400% for that to happen.
It will depend on several factors but not impossible considering SOL enjoyed a 1,000% price gain in 2023.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Leave a Reply