- summary:
- Solana price has strong bullish momentum confirmed by the breakout from the bull flag amid record live trading volume of $200 billion per month.
Solana’s price continued its strong rise on Friday, rising 4.3 percent at the time of writing to trade at $264.10. The currency has been on a strong upward trajectory in recent days, rising 25% in the past week. Momentum was also seen rising to new highs of $295 five days ago.
The upward trajectory is likely to continue, as the coin’s 24-hour trading volume has risen by 11%. This suggests that investors not only have a strong appetite for Solana, but are also willing to pay more for the coin. The continuation of this sentiment is likely to keep Solan price on an upward trajectory. Solana price has formed a bullish pattern that could push it near $380.
Solana price is forming hints of a bullish pattern at $379
The momentum on Solana 4-hour price adds credibility to the bullish outlook on the coin. The coin recently broke higher after previously forming a bullish flag pattern. We obtain the target price by using the flag bar as a measuring stick to extrapolate the potential target.
As shown in the chart below, Solana price broke above the bull flag near $258. Extrapolating the target price suggests that SOLUSD could rise to $379. This means a jump of 43% from the current price. Moreover, the RSI is at the 60 level, which confirms the potential for a continued uptrend.
Meanwhile, the Solana blockchain has seen a spike in activity. Decentralized exchanges (DEXs) on the blockchain this week hit a historic record of $200 billion in monthly volume. This achievement is attributed to the high volume of transactions brought by the digital currencies led by $TRUMP and $MELANIA. By beating the DEX volumes of the Ethereum chain, Solana underscored its reputation as a potential Ethereum killer.
Also, the Solana chain has overtaken the Ethereum chain in the DeFi space in the past seven days. DeFiLlama data shows that Sokana’s total value grew by +22.72% during that period, while Ethereum’s value shrunk by -1.17%. This indicates increased utility, which could help boost the price of ETH. Solana’s DeFi TVL is worth $12.11 billion as of this writing.
