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Solana Price Analysis: Will Solana’s Bull Run Push It to $1,400 After Beating ETH?

Solana Price Analysis: Will Solana’s Bull Run Push It to $1,400 After Beating ETH?

CryptoNewsCryptoNews2024/10/16 00:54
By:Joel Frank
Last updated:
October 15, 2024 17:53 EDT

The Solana (SOL) price may have reversed sharply from its intra-day highs near $160, but the market-leading crypto is looking up.

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.

According to DeFi Llama, its 24-hour DEX volume was $1.819 billion, and volumes have clocked in at $8.957 billion in the past seven sessions.

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 regarding weekly DEX volumes.

Solana DEX Activity Catches Up to Ethereum

According to a chart from The Block , Solana’s weekly DEX volumes briefly surpassed Ethereum’s in July and August.

Solana Price Analysis: Will Solana’s Bull Run Push It to $1,400 After Beating ETH? image 1

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.

Will Solana Price Push It to $1,400 After Beating ETH?

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 good.

From a fundamental standpoint, the mood in crypto markets is improving. Betting markets show a rising likelihood that pro-crypto US presidential candidate Donald Trump is becoming the ever-stronger favorite to win next month’s election .

Trump's lead just set another record high against Harris.

Trump 🟥 • 57.7% chance
Harris 🟦 • 41.9% chance pic.twitter.com/jYUO5Mg3WR

— Polymarket (@Polymarket) October 15, 2024

The Trump trade can potentially lift major coins like Solana back to yearly highs.

Technicals are telling a similarly bullish story.

The Solana price has formed an ascending triangle in recent months, with resistance at $160.

Solana Price Analysis: Will Solana’s Bull Run Push It to $1,400 After Beating ETH? image 2

A strong rally back above $200 is likely when this level goes.

Solana could then 3-5x over the coming year. And if it can maintain its spot as a dominant DeFi chain, then it could definitely reach $1,400 in the long run.

But traders looking for faster gains might want to check out meme coin presales .

One name that the team at Cryptonews.com thinks has big potential is a brand new community-focused meme coin called Flockerz (FLOCK) .

The meme coin , ruled by its owners and employs an exciting vote-to-earn mechanism, has already attracted over $700,000 from early investors.

See the video below to see why popular analyst Jacob Crypto Bury thinks it has 100x potential.

Buy FLOCK Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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