As a seasoned analyst with years of experience in the crypto market, I’ve witnessed the rise and fall of numerous digital assets. However, Solana (SOL) has managed to catch my attention with its consistent growth and impressive onchain metrics.
On November 18th, Solana attained a fresh annual peak of $248.44, marking the second closest weekly closing price to its record weekly close from November 2021, which was its all-time high.
Currently, Solana (SOL) stands about 8% lower than its All-Time High (ATH) at approximately $260. Several experts predict that the fourth-largest digital currency may enter a phase of price exploration or determination.
Solana DEX volume beats previous records by 100%
Over the last several weeks, Solana’s price trend hasn’t mirrored the steep increase seen in cryptocurrencies like XRP, Cardano, and Stellar. But, its underlying network activity points to a bustling community – a solid fundamental sign.
Last week saw a new peak in trading activity on Solana’s decentralized exchange, reaching an impressive $41.2 billion. This figure surpasses the previous highs of approximately $18 billion from just a week prior and $17.5 billion back in March 2024, marking a significant increase of more than 100% compared to Solana’s past performance.
As a matter of fact, Solana’s trading volume exceeds the combined trading volumes of Base, BNB Smart Chain, Arbitrum, and Ethereum networks. Over the past 24 hours, Solana accounted for about 48.27% of the total trading volume, placing it at the forefront, while the Base network follows closely with a 10.55% share.
In a comparison between Solana and Ethereum, it was noted by crypto expert Aylo that the trading volume on Ethereum’s decentralized exchanges (DEX) reached an all-time high of $37 billion in May 2021. Additionally, Aylo remarked:
“If SOL can hit a new ATH vs BTC then it will achieve something that ETH couldn’t manage last cycle. Even with DeFi and NFT mania, ETH didn’t come close to its ATH against BTC set in June 2017.”
Solana targets $400 once the all-time high is cleared
A well-known figure in the world of cryptocurrency, an impartial on-chain researcher, recently pointed out a significant bullish trend emerging on Solana’s monthly price graph. This pattern appears to be moving upward positively at this time.
According to the analysis, the monthly graph of Solana appears to have formed a well-known pattern known as a “cup-and-handle.” This particular pattern has a high probability of success, approximately 95%, and typically results in an average profit gain of around 54% upon breakout. A trader commented on this observation.
“Once it clears its previous ATH, it could soar straight to $400!”
The strong upward trend suggested by this bullish pattern on the long-term graph indicates a robust uptrend. Additionally, Jelle, an independent analyst, pointed out that the altcoin’s previous annual peaks have now been transformed into a supportive base.
Simultaneously, data from CoinGlass indicated that Solana had notable spot buy volumes with a strong positive trend. Only Bitcoin among the top 10 cryptocurrencies (excluding stablecoins) saw slightly higher buying activity.
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2024-11-18 21:19