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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