In a dynamic shift within the cryptocurrency landscape, Bitcoin (BTC) is currently navigating a price discovery phase. This upheaval is propelled by the historic political shift following the victory of Donald Trump and other pro-crypto candidates in the US Senate and House of Representatives. Concurrently, the altcoin market, particularly Dogecoin (DOGE), Ethereum (ETH), and Solana (SOL), is witnessing robust bullish momentum. On Thursday, November 7, during the early New York session, Solana’s price saw an impressive surge of over 30% in the past 30 days, reaching approximately $187.
Rejoice – Solana Breaks Out!
Solana has recently emerged from a macro consolidation phase with a strong rally. With a fully diluted valuation approaching $110 billion and a daily trading volume exceeding $6 billion, Solana is experiencing significant growth. For this momentum to maintain its course, SOL must persistently close above the weekly falling logarithmic trend to avert a potential fakeout.
Trader Insights: Solana vs. Ethereum
Renowned trader Peter Brandt has expressed optimism about Solana, suggesting it is poised to follow Bitcoin into its price discovery phase in the near future. The SOL/ETH trading pair is already in price discovery, indicating that Solana is attracting more demand compared to Ethereum.
- Also Read:
- Is Ethereum Oversold? Experts Predict $3,000 ‘Monster’ Rally Ahead
What’s Fueling SOL Bulls?
The Solana network has established itself as a formidable player in the web3 domain and the tokenization of real-world assets. As per the latest market data available, the Solana network boasts a total value locked of approximately $6.6 billion and a stablecoins market cap nearing $3.7 billion.
DeFi and Active Users on Solana
Solana’s DeFi ecosystem is thriving, with a Total Value Locked (TVL) reaching $6.65 billion amidst the SOL price surge. Leading DeFi protocols such as Jito Sol, Kamino Finance, Jupiter Exchange, and Marinade Finance contribute significantly to this growth. Furthermore, Solana has surpassed Ethereum in terms of daily active addresses. With over 5.1 million active addresses, Solana outpaces Ethereum’s 374,000 active addresses recorded within the last 24 hours.
Perpetual Contracts and DEX Volume on Solana
Solana’s perpetual contracts (perps) volume has achieved a new all-time high, reaching approximately $2.28 billion over the past 24 hours. Jupiter DEX, the leading decentralized exchange on Solana, accounts for about $1.87 billion of this volume, making up 82% of the total.
The Solana story is far from over. Stay tuned for the next chapter.
