Solana has once again captured the attention of the crypto market as it gained traction by 2.47% to reach an all-time high of $245.87 in the latest trading session. This upward momentum highlights the growing strength of Solana’s ecosystem, which continues to impress with its speed and efficiency. As the network proves its resilience, attention has turned to whether SOL can surpass the $244 resistance level and reclaim the key $250 mark.
On top of that, Solana has been outshining Bitcoin (BTC) lately. Its decentralized exchange (DEX) has recorded a whopping $41 billion in trading volume just this past week. With so much action, it’s clear that investors are showing a lot of love for SOL.
SOL/BTC Has Entered the Bullish Momentum
Solana’s growth hasn’t been without obstacles, but its performance versus Bitcoin (BTC) has been a focus for investors. The SOL/BTC price ratio has lately surged, gaining by more than 1% in only one week. Technically speaking, this move follows months of a tight trading range known as “triangular consolidation.”
This breakout implies that after a long time of uncertainty between buyers and sellers, the bulls are finally in control and driving the market upward.
Adding to the excitement, the Moving Average Convergence Divergence (MACD) indicator has entered positive territory, which indicates that Solana’s bullish momentum has returned.
DEX Activity is Reaching New All-time Highs.
Solana’s decentralized exchanges are breaking records, which is helping to strengthen the network’s place in the crypto world. Last week, Solana-based DEXs hit a trading volume of $41.6 billion, which is the highest fiigure they’ve ever seen in a week.
Just to give you an idea, Solana’s volume was more than the total DEX volume of Ethereum, Binance Smart Chain (BSC), and Base, which was $37.9 billion. Of that, Ethereum contributed $14.3 billion, while Base and BSC each contributed over $11 billion.
Solana is getting more popular, especially with retail investors who want to trade hot assets like memecoins.
Solana Stands Out Among its Competitors.
Even though Solana is recognized for being cost-effective, it’s also in the race when it comes to fee revenue. Raydium, a DEX on Solana, made $72.83 million in fees in just a week, beating Ethereum’s $67 million by 8%.
At the same time, Bitcoin (BTC) is falling behind with only $15 million in fees during that time. These numbers show that Solana has a fast and affordable network, which makes it a great option for traders.
With more big players and retail investors getting into Solana, it’s clear that this blockchain is here to stay. Hence, it’s definitely a project to keep an eye on.
