Solana price today: $178
- Solana posted its third straight day of gains on Monday, with the price still less than 10% off its July high of $193.98.
- Trading volume on Solana’s decentralized exchange was nearly double that of Ethereum last week.
- According to technical indicators, Solana could extend its rally to retest July highs.
Solana (SOL) rebounded from an intraday drop on Friday to near $160 over the weekend and is trading at $178.04 at the time of writing on Monday. The Solana blockchain’s native token is expected to rise further as on-chain indicators and technical charts support the bullish theory.
Solana is considered Ethereum's biggest competitor, and with the decentralized exchange (DEX)'s weekly trading volume nearly double that of Ether, SOL could be poised for further gains. there is.
Higher DEX volumes typically represent higher demand on the chain and greater connectivity between market participants.
Solana beats competitors and dominates weekly DEX volume
TheBlockData found that Solana's on-chain metrics, such as new addresses, active addresses, and transactions on the SOL chain, increased in the third quarter. When compared to Ethereum, a weekly DEX volume indicator that measures transaction volume across all decentralized exchanges in the Solana ecosystem, Solana was clearly in the lead.
According to DeFiLlama data, Solana’s weekly DEX volume was $15.733 billion, compared to Ethereum’s $8.849 billion. This is an important milestone for Solana as it is the first time that SOL significantly leads Ether in DEX trading volume (77.79%).
Solana weekly DEX volume on DeFiLlama
Ethereum weekly DEX volume on DeFiLlama
Solana’s DEX trading volume in the past 24 hours was $1.739 billion, while for Ether, this metric lags behind with $836.79 billion.
Solana Price Prediction: SOL Expects Close to 10% Rise
If the altcoin extends its rally, Solana could test its resistance by returning to its July high of $193.98. On Friday, Solana fell below $160, a key psychological support level for altcoins. Since then, SOL has rebounded, rising to $178.04 at the time of writing.
The Relative Strength Index (RSI) indicator is at 66.42, still below the “overbought” level of 70, indicating that Solana price has room for further upside. The Moving Average Convergence Divergence (MACD) indicator shows a green histogram bar above the neutral line, indicating underlying positive momentum in SOL price.
SOL/USDT daily chart
Looking down, Solana may find support at the upper end of the fair value gap (FVG) at $160.99, as seen on the daily chart. Another important support level is the 10-day exponential moving average (EMA) at $154.16.
Frequently asked questions about Bitcoin, altcoins, and stablecoins
Bitcoin is the largest cryptocurrency by market capitalization and is a virtual currency designed to function as money. This form of payment is not controlled by any particular person, group, or entity and eliminates the need for third parties to participate during financial transactions.
An altcoin is any cryptocurrency other than Bitcoin, but some consider Ethereum to be a non-altcoin because it is these two cryptocurrencies that forks occur. If this is true, Litecoin would be the first altcoin to fork from the Bitcoin protocol and thus be an “improved” version of it.
A stablecoin is a cryptocurrency that is designed to have a stable price, and its value is backed by the reserves of the asset it represents. To achieve this, the value of one stablecoin is pegged to a commodity or financial instrument, such as the US dollar (USD), and its supply is regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who wish to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value, as cryptocurrencies are generally volatile.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the market capitalization of all cryptocurrencies combined. This clearly shows the interest in Bitcoin among investors. BTC's dominance typically occurs around bull markets, where investors turn to relatively stable, high-market-cap cryptocurrencies like Bitcoin. A decline in BTC's dominance usually means investors are moving capital and profits to altcoins in search of higher returns, which usually causes an explosive rally in altcoins.
