Solana's total trading volume share has surpassed the combined share of Base, BNB Smart Chain, Arbitrum, and the Ethereum network.
Written by: Bitpush
This week, the financial market has started off well.
Bitcoin briefly rose above $92,000 today, retracing to the $90,000 mark during the day, and as of the time of writing, the trading price has rebounded to $90,556, with a 24-hour increase of less than 1%.
Meanwhile, altcoins have seen a general rise.
Solana (SOL) reached a three-year high of $248.19, and among the top 200 altcoins by market capitalization, Tezos (XTX) performed the best, rising 49.2%, followed by Hedera (HBAR) and Iota (IOTA), which increased by 41.8% and 25.5%, respectively. The meme sector has pulled back, with Goatseus Maximus (GOAT) down 13.9%, cat in a dogs world down 7.3%, and Popcat (POPCAT) down 6.5%.
The overall market capitalization of cryptocurrencies is currently $3.08 trillion, with Bitcoin's market share at 58.39%.
At the close of the U.S. stock market, the S&P 500 and Nasdaq indices rose by 0.39% and 0.60%, respectively, while the Dow Jones index fell by 0.13%.
SolanaDEX trading volume exceeds previous records by 100%
Analysts believe that compared to the short-term aggressive increases of coins like XRP and Cardano, Solana has shown a more robust growth trend over the past few weeks. The continuous growth of on-chain data indicates that Solana's ecosystem is developing healthily, attracting more and more users and developers.
According to data from DefiLlama, the trading volume of Solana's decentralized exchange (DEX) reached a record $41.2 billion last week. Previously, the highest weekly trading volume was about $18 billion (the previous week) and $17.5 billion (March 2024). Solana's trading volume in the last week was over 100% higher than the previous record.
In fact, Solana's total trading volume share has surpassed the combined 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 at 10.55%.
Cryptocurrency researcher Aylo made a key comparison between Solana and Ethereum, noting that Ethereum's DEX trading volume peaked at $37 billion in May 2021.
Aylo added, "If SOL/BTC can reach a new all-time high, it will achieve a goal that ETH could not reach in the last cycle. Even during the DeFi and NFT frenzy, ETH/BTC did not come close to its all-time high in June 2017."
Once it breaks the all-time high, Solana's target price will reach $400
Independent on-chain analyst Titan of Crypto highlighted bullish indicators on Solana's monthly chart, with the pattern currently breaking out in a positive direction.
It has been 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 margin of 54% after the breakout. Traders added, "Once it breaks the previous high, it could soar directly to $400."
When the price breaks above the upper edge of the cup and handle, it indicates that bullish forces have completely taken over, and the price is expected to start a new upward trend. Another independent analyst, Jelle, emphasized that SOL has turned 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 crypto assets (excluding stablecoins) only behind Bitcoin.
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