The Solana ecosystem has once again broken records to dominate the crypto world. According to data, the weekly DEX volume domination of Solana over all chains reached a record-breaking 35%.
With a volume of $15.78 billion, Solana has a 77.91% weekly lead over Ethereum, surpassing Ethereum’s $8.87 billion. These weekly gain come on the back of a high precedence for Solana ecosystem.
The news also came on the back of a rising price for SOL. At the press time, the coin is trading at $176.35, up 1.12% as compared to the same time last day, according to data from CoinMarketCap.
Why Is Solana Gaining Popularity?
Because of Solana’s technological advancements, including its Proof of History (PoH) consensus process and quick scalability, investor interest in Solana has increased dramatically. This comes in the backdrop of a ever-expanding crypto market and a strong investor confidence for the coin.
Solana has become a particularly appealing investment target due to its growing ecosystem and low transaction costs. Over the past year, the Solana ecosystem has expanded, particularly with the emergence of numerous DeFi initiatives, NFTs, and meme coins.
One of Solana’s greatest obstacles is the intense competition it encounters. Ethereum, Solana’s main rival, has also made significant advancements in recent years.
The most significant of these is the eagerly anticipated Ethereum 2.0 update, which raised the bar for Ethereum’s scalability and energy efficiency.
Even while Solana is in a strong position for the future right now, its ability to stay ahead of the competition and be one of the fastest and most affordable blockchains on the market will determine how successful it is.
Investor trust in Solana’s future potential has also grown as a result of its capacity to manage high transaction volumes without causing the network to lag. As a result of this growing interest, Solana’s market value has risen, solidifying its place as one of the major participants in the cryptocurrency industry.
Will SOL Keep Rising In Future?
Solana price has seen great stability in the recent past. The optimism, which the market expects to lasts for a while is likely to give the price of the coin a further rise.
In the coming month, given this optimism lasts, the price of Solana is expected to increase by 13.32%. The present sentiment for the coin is bullish, according to technical indicators, and the Fear & Greed Index is currently at 69 (Greed).
Over the previous 30 days, Solana had 15 out of 30 (50%) green days and 6.88% price volatility. With 27 technical analysis indicators indicating optimistic signals and two indicating negative signals, the overall sentiment for Solana price predictions is bullish.
Other technical indicators predict that Solana’s 200-day SMA will increase during the course of the upcoming month, reaching $157.65 by November 27. During the same course of time, Solana’s short-term 50-Day SMA is predicted to reach $175.11.