Solana Price Analysis: Will Solana’s Bull Run Push It to $1,400 After Beating ETH?
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
The Solana (SOL) price may have reversed sharply back from its intro-day highs near $160, but things are looking up for the market-leading crypto.
Solana, a layer-1 blockchain famed for its speed and low cost of use, is experiencing strong growth in on-chain activity thanks to Solana meme coin trading activity.
The blockchain’s on-chain growth is such that Solana-based DEX trading volumes have exceeded that of the DEX volume on Ethereum over the past 24 hours and seven days.
Ethereum is widely seen as the leading smart-contract-enabled layer-1 blockchain.
Its 24-hour DEX volume was $1.819 billion, with volumes clocking in at $8.957 billion in the past seven sessions, per DeFi Llama.
By contrast, Solana has seen $1.858 billion in DEX volumes in the past 24 hours and $9.52 billion in the past seven sessions, per DeFi Llama.
This isn’t the first time Solana has surpassed Ethereum in terms of weekly DEX volumes.
Per a chart from The Block, Solana’s weekly DEX volumes briefly surpassed Ethereum’s back in July and August.
This is a major milestone for Solana. Throughout most of 2023, Solana would normally clock in only a few percent of the DEX volumes seen on the Ethereum volume.
Now it is a neck-and-neck DeFi competitor.
That suggests that Solana might be undervalued, given its market cap of around $72 billion, only around 23% of Ethereum’s market cap of $311 billion.
So, does Solana’s strong DEX volume rise suggest it’s on the verge of a major rally?
Could it even 10x from current levels to reach above $1,400?
Well, things are looking
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