Author: Bitpush
The financial market had a good start this week.
Bitcoin briefly rose above $92,000 today, retracing to the $90,000 level during the session, and the trading price rebounded to $90,556 as of the time of writing, with a daily gain of less than 1%.
Meanwhile, Altcoins are generally rising.
Solana (SOL) hit a 3-year high of $248.19, and among the top 200 Altcoins by market cap, Tezos (XTZ) performed the best, rising 49.2%, followed by Hedera (HBAR) and IOTA (IOTA), rising 41.8% and 25.5% respectively. The MEME sector pulled back, with Goatseus Maximus (GOAT) falling 13.9%, cat in a dogs world falling 7.3%, and Popcat (POPCAT) falling 6.5%.
The current total cryptocurrency market cap is $3.08 trillion, with Bitcoin's market dominance at 58.39%.
At the close of the US stock market, the S&P 500 index and Nasdaq index rose 0.39% and 0.60% respectively, while the Dow Jones index fell 0.13%.
Solana DEX trading volume is over 100% higher than the previous record
Analysts believe that compared to the short-term aggressive gains of coins like XRP and Cardano, Solana has shown more stable growth in the past few weeks. The continuous growth of on-chain data indicates that Solana's ecosystem is developing healthily and attracting more users and developers.
According to defillama data, the trading volume of Solana's decentralized exchanges (DEXs) reached a record-breaking $41.2 billion last week. Previously, the highest weekly trading volume was around $18 billion (the previous week) and $17.5 billion (March 2024). Solana's trading volume in the latest week was over 100% higher than the previous record.
In fact, Solana's total trading volume share has surpassed the total share of Base, BNB Smart Chain, Arbitrum, and the Ethereum network. In the past 24 hours, Solana accounted for 48.27% of the total trading volume, with the Base network in second place with a 10.55% share.
Crypto researcher Aylo made a key comparison between Solana and Ethereum, pointing out that Ethereum's DEX trading volume reached a peak of $37 billion in May 2021.
Aylo added: "If SOL/BTC can set a new all-time high, it will achieve a goal that ETH failed to reach in the previous cycle. Even during the DeFi and Non-Fungible Token frenzy, ETH/BTC did not come close to its June 2017 all-time high."
Once it breaks the all-time high, Solana's target price will reach $400
Independent on-chain analyst Titan of Crypto highlighted the bullish indicators on Solana's monthly chart, with the pattern currently breaking out in a positive direction.
It is observed that Solana's monthly candlestick chart has formed a Cup and Handle pattern, which has a success rate of up to 95%, with an average profit of 54% after a breakout. The trader added: "Once it breaks the previous high, it may directly soar to $400."
When the price breaks above the top of the cup and handle, it means that the bullish forces have completely taken control, and the price is expected to start a new uptrend. Another independent analyst Jelle emphasized that SOL has transformed its previous annual high into a support level.
Meanwhile, CoinGlass data shows that Solana's 30-day spot buying volume is positive, ranking second among the top 10 cryptocurrencies (excluding stablecoins) after Bitcoin.
