The Solana price has held steady this week as cryptocurrencies bounced back. SOL token rose to a high of $160, its highest point since September 30. It has jumped by more than 40% from its lowest point in August, meaning it is in a bull market.
Solana flips Ethereum
Solana, a leading layer-1 network, has done better than Ethereum this year, thanks to the strong momentum in its ecosystem. It has risen by almost 50% this year compared to Ether’s 20%.
There are signs that Solana’s network is doing well. For example, data by CoinGecko shows that Solana meme coins have a market cap of over $10.8 billion. Some of the top meme coins in the ecosystem are Dogwifhat, Bonk, Popcat, Cat in a Dog’s World, and Book of Meme.
Solana has also become the leading Decentralized Public Infrastructure Network (DePIN) player. Some of the top DePIN networks in the Solana ecosystem are Helium, Render, Io.net, and HiveMapper.
Meanwhile, data shows that Solana has become a large player in the decentralized exchange (DEX) industry. Data by DeFi Llama shows that Solana’s DEX volume stood at over $10.9 billion in the last seven days, a 40% increase from the previous week. The biggest DEX networks in Solana are Raydium, Orca, Lifinity, Phoenix, and OpenBook.
Ethereum, on the other hand, had a volume of $9.69 billion. Its biggest DEX networks are Uniswap, Curve Finance, and Dodo. Uniswap handled over $6.53 billion, accounting for about 67% of the total volume.
Therefore, Ethereum will likely be affected when Uniswap launches Unichain in the next few months. Unichain will have low transaction costs and faster speeds.
Solana has also flipped Ethereum in the perpetual futures market, where its weekly volume stood at $3.4 billion compared to Ethereum’s $2.9 billion.
Read more: Ethereum price prediction: why is ETH lagging behind BTC?
Solana price forecast
The daily chart shows that the SOL price reached a bottom at $120, where it has failed to move below that level since April.
Solana has moved above the 50-day and 200-day Exponential Moving Averages (EMA). It has neared the important resistance point at $164, the 23.6% Fibonacci Retracement point.
Solana has also moved to the top of the Murrey Math Lines’ trading range, and the Relative Strength Index (RSI) indicator has pointed upwards.
Therefore, Solana may continue rising as bulls target the next key resistance point at $193.60, its highest swing on July 29.
